seems they only have compliance by consent.
this law is probably one of those designed to catch “little people” since the larger depositors rarely use their own names and instead use trusts and simply keep profits offshore.
This one regulation by itself may well cause another drop in GDP during the third quarter of this year, owing to both the uncertainty it engenders and the fact that it will drive out significant amounts of foreign capital.
This is one UGLY and un-American piece of law and I wonder why Republicans don’t make it an issue...
The regulations are vague about which non-bank entities are “financial institutions” — a definition that can be infinitely elastic.
As The British publication, The Economist notes, there is also confusion about the definition of a U.S. person.
Here’s what they observer:
“The definition is broad and includes not only citizens, but current and former green-card holders and non-Americans with various personal and economic ties to the United States.”
The America we live in now is NOT the America our founders envisioned it to be.