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expat · 03-09-2008

In case anyone wants to know why...

I remember when it used to be dead easy to open a bank account just about anywhere in the world - all you needed was a passport or some other valid ID. I have a friend in the banking industry in Hong Kong - he told me that all these new complex regulations resulted from US pressure after 9/11. Basically, they want new account applicants to prove that they're not terrorists.

At least in Hong Kong (not sure about Panama), along with ID you need a utility bill or some other proof of residence, OR if you're not a resident you need somebody who has had an account at that bank for at least one year to sign a form vouching that they know you. Just how this prevents terrorism, I'll leave it to others to decide.

03-09-2008	#7 (permalink)
expat Junior Member Join Date: Feb 2008 Posts: 5 Rep Power: 0	In case anyone wants to know why... I remember when it used to be dead easy to open a bank account just about anywhere in the world - all you needed was a passport or some other valid ID. I have a friend in the banking industry in Hong Kong - he told me that all these new complex regulations resulted from US pressure after 9/11. Basically, they want new account applicants to prove that they're not terrorists. At least in Hong Kong (not sure about Panama), along with ID you need a utility bill or some other proof of residence, OR if you're not a resident you need somebody who has had an account at that bank for at least one year to sign a form vouching that they know you. Just how this prevents terrorism, I'll leave it to others to decide.