China Offshore: Hong Kong Banks Shut Down U.S. Accounts Rather Than Deal with FATCA

The costs of locating, monitoring and reporting on a U.S. held or controlled account must be weighed against the benefits of serving the client. In short, it is often easier and more cost efficient for Hong Kong institutions to simply shut down the accounts of, or reject applications from, American clients, rather than shouldering the costs of complying with FATCA or the penalties for not doing so.

China Offshore