Customer Due Diligence Prompt US Banks to Foreign Close Accounts

Stricter regulations are being introduced in the US, as foreign clients from certain American banks have started receiving letters notifying them of their accounts having to be closed as a result of new Customer Due Diligence (CDD) regulations.

Some of the banks are the largest lenders in the States, and include: 

  • Morgan Stanley.
  • Wells Fargo.
  • Merrill Lynch.