Banks are bracing for new U.S. regulations aimed at reducing tax evasion, which could affect...

|By:, SA News Editor

Banks are bracing for new U.S. regulations aimed at reducing tax evasion, which could affect hundreds of billions of dollars worth of deposits in accounts across the globe. In response, some banks overseas are alerting customers their accounts will be closed, while U.S. banks are lobbying for changes to some of the proposals.