I am a non-US citizen, and I wish to open an account in a US bank, and transfer several million dollars into it, to do some business and buy real estate. Do I have to disclose the source of the funds and other details to every nosy bank employee who asks? Of course the funds are legal, but I am concerned about my privacy.
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U.S. banks are charged with a responsibility for knowing their customers, and understanding the expected pattern of financial transactions in their customers' accounts; therefore, it is likely that a U.S. bank will inquire as to the source of your funds and ask about the nature of your expected transactions. That doesn't mean that the information you provide the bank will get shared with "every nosy bank employee." Rather, it means that, should the bank detect activity in your accounts that doesn't fit the bank's norms, it will have additional information on file that can help explain the activity. It will have a better chance of knowing its customer.
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U.S. banks are charged with a responsibility for knowing their customers, and understanding the expected pattern of financial transactions in their customers' accounts; therefore, it is likely that a U.S. bank will inquire as to the source of your funds and ask about the nature of your expected transactions. That doesn't mean that the information you provide the bank will get shared with "every nosy bank employee." Rather, it means that, should the bank detect activity in your accounts that doesn't fit the bank's norms, it will have additional information on file that can help explain the activity. It will have a better chance of knowing its customer.
