Quote:
Originally Posted by qwe
most likely because bmo will charge crazy fees and will question every transaction, to them it might look shady when it's not... big banks rather not deal with it
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My guess is they were asked to leave.
Canadian banks are getting huge regulatory burdens thrown on them
eg:
FATCA
OSFI is imposing pretty serious suggestions, and Basel III is enacting much more stringent credit requirements on counterparties.
It also doesn't make sense to deal with a 'shady' organization (regardless of it's legality).
With Canadian banks having so much trouble with the American government, we don't want to piss them off more.... 'Harboring offshore accounts' is a good way to piss them off :D
And yeah, FINTRAC doesn't 'audit'. It holds information, and you have to report activities to it - but that's not auditing.