&gt;E.g. many European banks do this for &quot;US persons&quot; - they simply cannot get accounts because the legal risks are just too high.<p>It&#x27;s not legal risks, it&#x27;s the <i>cost of compliance</i>.<p><a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Foreign_Account_Tax_Compliance_Act" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Foreign_Account_Tax_Compliance...</a>