EU holding Bank account in USA bank. What are reporting limits?

[DavidS]

If EU citizen has managed to open a bank account in United States with a US address, then what are the reporting, alert limits on this account?

So far it has not caused any issues and is processing payments normally and card can be used.

But might need to transfer larger sums now and afraid of triggering some alerts leading to account being blocked.

Also, would this bank exchange information with local jurisdiction in EU if the address indicated on the account is a United States address?

Source of income is 100% clean and legitimate, only thing that its an unreported account to local government.

Any advice on limits of US accounts and "triggers" would be much appreciated.

 

[Martin Everson]

Reporting to whom?

I have done whole threads on FATCA agreement if you search forum.⁤ FATCA is bilateral so information is exchanged both ways and has been for some time⁣ now. In terms of using a US address that is a good question. It comes⁢ down to if US banks are using indicia to identify foreign clients to report under︀ FATCA. But this seems highly unlikely although it is clear in Annex of FATCA agreement︁ that foreign banks are to use indicia (i.e U.S telephone, U.S mailing address etc etc)︂ to identify potential US clients and report them anyway if in doubt..lol.

Not a good idea to put yourself in this position.︄

Limits and triggers for what exactly?

 

[DavidS]

Limits and triggers for "suspicious activity". Usually certain sums trigger it.︂

 

[Martin Everson]

You need to look at the Bank Secrecy Act they have out there in‍ US. Also keep abreast of treasury proposals like the below.

https://home.treasury.gov/news/press-releases/jy0415
Sorry but I am⁠ against US dollar, US banking and US investing in general as you may know. So⁤ I am probably the worst person to ask 😕.

But I will say that what⁣ happens if they think you are US resident because of US address? Does what you⁢ did constitute fraud because you gave false representation of address to obtain access to a︀ US bank? Also if they see money being credited to the account with new reporting︁ mentioned in above link but find no tax filing will they come after you? Last︂ person on earth you ever want coming after you or asking questions is the IRS︃ hi%#.

Have you actually thought all this through? Perhaps someone can explain how this all︄ works in US. US is just not my area.