Banks Vie for $200 Billion of Latin American Tax-Amnesty Wealth
- Brazilian lenders see opportunity to compete with global banks
- Itau plans to ‘aggressively grow’ in the U.S. and Switzerland
Photographer: Patricia Monteiro/Bloomberg
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Talk to bankers in Miami who manage the fortunes of Latin Americans and they’ll tell you how hard they’re working to improve compliance with “know-your-customer” rules in the wake of corruption, tax-evasion and money-laundering scandals.
The effort required to vet wealthy individuals from outside the U.S. can be so intensive that banks are increasing minimum investment amounts for prospective clients, and in some cases it may not even be worth trying. Those with complex ownership structures may have to wait more than a month to open accounts.