If a bank suspects that funds in an account are involved in money laundering or other illicit activities, they have the authority to freeze or hold the funds temporarily.
Transcribed from: https://youtu.be/u12mgqB7hkU The Foreign Account Tax Compliance Act or FATCA is big business in the accounting world, in the tax world because compliance can be expensive. And what the main tenant of FATCA is form 8938. And that requires the disclosure of certain accounts and financial assets held in foreign accounts. And so the … Read more