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US Bank Account for non U.S. Residents and Companies - Introduction

We have got a bunch of new customers, non-US citizens, seeking for the US bank account. Many US banks, based on requirements of USA Patriot Act quits their contracts for US bank accounts with customers who are not US citizens.

The section 312 of the USA Patriot Act declares what the due dilligence is to be for correspondent accounts and private banking accounts in USA for non-US citizens. In general each financial institution in USA which establishes, maintains, administers, or manages a private banking account or a correspondent account in the United States for a non-United States person, including a foreign individual visiting the United States, or a representative of a non-United States person shall establish appropriate, specific, and, where necessary, enhanced, due diligence policies, procedures, and controls that are reasonably designed to detect and report instances of money laundering through those accounts.

There are some additional standards for certain correspondent accounts which apply to correspondent account which is requested or maintained by, or on behalf of, a foreign bank operating under an offshore banking license or under a banking license issued by a foreign country that has been designated as noncooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization of which the United States is a member, with which designation the United States representative to the group or organization concurs or by the Secretary of the Treasury as warranting special measures due to money laundering concerns.

The enhanced due diligence policies, procedures, and controls for above accounts shall, at a minimum, ensure that the financial institution in the United States takes reasonable steps to ascertain for any such foreign bank, the shares of which are not publicly traded, the identity of each of the owners of the foreign bank, and the nature and extent of the ownership interest of each such owner and to conduct enhanced scrutiny of such account to guard against money laundering and report any suspicious transactions and to ascertain whether such foreign bank provides correspondent accounts to other foreign banks and, if so, the identity of those foreign banks and related due diligence information.

Further, US banks are required to keep minimum standards for private banking accounts. If a private banking account is requested or maintained by, or on behalf of, a non-United States person, then the due diligence policies, procedures, and controls required shall, at a minimum, ensure that the financial institution takes reasonable steps to ascertain the identity of the nominal and beneficial owners of, and the source of funds deposited into, such account as needed to guard against money laundering and report any suspicious transactions under subsection and to conduct enhanced scrutiny of any such account that is requested or maintained by, or on behalf of, a senior foreign political figure, or any immediate family member or close associate of a senior foreign political figure that is reasonably designed to detect and report transactions that may involve the proceeds of foreign corruption.

The term `private banking account means an account (or any combination of accounts) that requires a minimum aggregate deposits of funds or other assets of not less than $1,000,000 and is established on behalf of 1 or more individuals who have a direct or beneficial ownership interest in the account and is assigned to, or is administered or managed by, in whole or in part, an officer, employee, or agent of a financial institution acting as a liaison between the financial institution and the direct or beneficial owner of the account.

That seems to be a lot of work for US banks, so many of them rather decide to make policies or internal rules to not accept non-US citizens any more. Thus many non-US citizens get their US bank accounts closed and need to find a new US bank which would accept them.

There are STILL US banks which accept non-US citizens to open the US bank account. Thetaworld Corporatioon will assist any of them to get the US bank account for the fee of 400 USD payable in several different ways: E-gold, Western Union, postal money order, ACH transfer, SWIFT international wire transfer, Paypal and in many other ways.

Thetaworld Corporation is happy to be able to provide you with personal and business US bank account for non-US residents. The US bank account introduction is 400 USD.

The Bank to Bank Transfers service allows you to transfer funds between your US bank accounts and those you own at other U.S. banks or worldwide, credit unions and select brokerages.