It appears now that a large bank here called The Royal Bank of Canada is preventing people within specific ethnic groups who hold a dual citizenship from being able to open a US dollar account apparently because of a strict US law that is suppose to help prevent terrorism financing and money laundering. If you hold a dual citizenship here in Canada that includes Iraq, Cuba, Sudan, North Korea or Myanmar you will now be unable to open a US dollar account with the Royal Bank of Canada. Not only that, but if you fall into this category and already have an existing account with them they are apparently being closed.
Now obviously this is creating some outrage here with people understandably calling it discriminating as it is racial profiling people. The bank basically says that they are simply following the rules that have been drawn out by the US to prevent being fined and that this action is aimed more at people who donâ€™t live in Canada full-time. It was mentioned that this rule was apparently made around the 9/11 time and what I find strange is why would this come up just now? Maybe people were watching the season premiere of 24 on Monday which got everyone riled upâ€¦? Just kidding of course, but it is kind of odd that this just seemed to have popped up.
For businesses though, the good thing is that all the other banks havenâ€™t followed suit and of course most people are hoping they wonâ€™t.