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Originally Posted by KlenTelaris Last time i checked it's illegal to open bank account in usa unless you go there directly.

open bank account online

There are banks that will open accounts online but they will most likely require that you verify your identity if you can not appear in person. Also there may be restrictions that US Banks might require that this new account opened online would be available to US citizens only.

A little off the subject, As I stated above I spent some time at one of my banks with the Bank's Manager and I discussing the possibility of the opening of accounts online, with particular reference to those of foreign nationalities in such and countries in the EU etc. The reason for this has nothing to do with receiving these (supposed) ePassporte wires, it has to do with a new online payment system I am working on.

To make a long story short, the conclusion of this discussion was that the bank (a medium sized regional bank with >$5 Billion in assets) would consider it if I were the added as the joint account holder to each account, as such ? being a signer on the account, with my acting as a guarantor for any liability (or loss) to the bank from the account.

My response was why would any of the depositors agree to trust me and to my having access to their money? I would not agree as a depositor to such terms? Why would my customer/client?

Anyway, at the conclusion of the discussion, half jokingly, I stated maybe I would be better off assembling a small group of investors for the purpose of opening an Offshore Bank ...

I have read through the relevant US Treasury regulations with regard to the "know your customer" and the reporting of suspicious transactions and transactions of non exempt persons of over $10,000.00 (AML ? anti money laundering) regulations.

The regulations only state that a regulated financial entity (a bank, stock brokerage, money transfer agent, certain retailers receiving large amounts of cash (auto, boat, RV dealers, jewelry stores, etc.) VERIFY the persons opening the account or making the transaction ? the regulations do not say to verify in person is mandatory.

Verification of all new bank accounts is that of that financial institution's own CIP policy.

[S]imilarly, a bank may be unable to obtain original documents to verify a customer's identity when an account is opened by telephone, by mail, and over the Internet. Thus, when an account is opened for a customer who is not physically present, a bank will be permitted to use other methods of verification, to the extent set forth in the CIP. ...

These are the pertinent US Laws

DEPARTMENT OF THE US TREASURY - 31 CFR Part 103

31 CFR Part 103

List of US Treasury CFR (Code of Federal Regulations).

It is my understanding that many banks that are in the EU will open accounts online now also.