The Scallion: Bank Account Holder Surprised By New KYC Regulations

Mike Fong reports from area bank

When area resident Daniel Cheung walked into Bank of America’s Chinatown branch to get change for the parking meter, he faced a severe line of questioning from the bank teller, a woman his mother’s age. Cheung, 32, a Vice President at Fidelity Investments, said, “I just took the FATCA and AML compliance exams last year, and these topics weren’t covered at all. KYC regulations are changing all the time and you really need to stay on top of them.” According to Cheung, the teller asked him where he had gone to college and how he had done on the SAT. After Cheung responded, the teller then showed him a picture of her daughter and said, “2016 you fill form say you are single. Still single? You have girlfriend?” Cheung felt that as a CFA charterholder, he couldn’t lie. He was then asked whether he believed in Jesus and which part of China his grandparents were from. As Cheung waited for the teller to count out eight quarters, a middle-aged man came up to his counter, removed five stacks of twenties from a brown paper bag, handed them to the teller, and left.

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