UAE bank customers caught in crossfire over US sanctions
Gregor Stuart Hunter – Mar 2, 2013 – TheNational
…RAKBank, for example, warned its US customers in a letter in September that it was reviewing all of its compliance procedures.
The letter states that one option under review might require RAKBank “to cease banking for individuals who fall under Fatca regulations”…
…Even US banks are hesitant to reveal where they stand.
“We’re an American bank, so we’re fully compliant with Fatca and are ensuring we are compliant,” said Dinesh Sharma, the managing director and head of consumer banking at Citibank.
“By definition as a US bank, we ensure 100 per cent compliance to any sanctions … without diluting our customer proposition.”
The bank declined to comment on whether any accounts had been closed or transferred as a result of either Fatca or sanctions exposure.