“First American expatriates were told that their bank accounts weren’t welcome because of the growing hassles and expense banks have to deal with when they have American citizens as clients. Now, Americans’ tax-deferred retirement accounts – many of which were set up decades ago, and never touched since – are also increasingly unwanted by US financial institutions, unless these accounts are of significant size. The reason, according to a US-based adviser, is because the companies have become increasingly concerned about ‘know your customer (KYC) rules’ that were first introduced in the US in 2003.”
