Treasury Officials Warn Banks Over Sanctions Compliance Overkill
- Agency worried banks will cut off services over sanction fears
- Undersecretary plans trip to Apple, Alphabet to discuss issue
The U.S. Treasury Department building in Washington, DC.
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
Top US Treasury Department officials plan to make the rounds in 2023 to address what they see as a troubling pattern when it comes to sanctions and other forms of risk: Banks are being overcautious and turning away customers who may need them the most.
Brian Nelson, the Treasury undersecretary for terrorism and financial intelligence, will go to Seattle, San Francisco and San Diego this month to warn banks against overcompliance such as cutting people off from services over fears of running afoul of sanctions.