Banking and Crypto
1. VERBIAGE TO USE IN A MANDATORY ATTACHMENT TO THE APPLICATION Dear sir, I’m not interested internal policy that might implement banking discrimination, but in faithfully complying with the minimum requirements of what the law allows. Thank you kindly for your excellent customer services and your compliance with the law. I look forward to receiving…
The definition of “security” is found below: Crypto is NOT a “security” because: See: Proof of Facts: That Crypto Currency is not a “Security” that requires “Registration”**, SEDMhttps://sedm.org/proof-of-facts-that-crypto-currency-is-not-a-security-that-requires-registration/ The 1040NR form has a block for self-reporting activities in crypto: Regulations governing brokerages are found below. Unfortunately, since crypto is not a security, crypto exchanges should…
31 CFR § 1010.605 – Definitions. (m) Private banking account means an account (or any combination of accounts) maintained at a covered financial institution that: (1) Requires a minimum aggregate deposit of funds or other assets of not less than $1,000,000; (2) Is established on behalf of or for the benefit of one or more non-U.S. persons who are direct or beneficial…
1. Background Although the Internal Revenue Code properly recognizes your right to choose a nonresident alien status and be unenumerated, banks and financial institutions are so heavily regulated that they often take a position at odds with this lifestyle. As part of their Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) compliance measures, financial institutions…
1. Introduction Those who previously and successfully opened a bank account as a nonresident alien by using a W-8 rather than a W-9 may subsequently and sometimes repetitively be contacted by the bank because they their status looks suspicious or out of the norm from other account holders, who are almost universally “U.S. persons” who…
Introduction A common practice of mortgage lenders during the loan qualification process is to ask you to sign an IRS Form 4506T requesting your tax returns over a period of years as a way to verify your income. The amount they will loan is usually limited by your income and computed from your income. The…
1. Introduction Bank accounts may be opened by individuals or by entities. By default, either group is usually required by the bank to to disclose a Social Security Number in the case of individuals or an Employer Identification Number in the case of an entity. If you or your entity is an estate or trust,…