Resistance is Futile - Stephen Platt in The Lawyer

The effects of 9/11 are now being felt by UK banks and investment businesses caught in the aftershock of US foreign policy. Since 9/11 the US authorities have deliberately expanded their reach, imposing so-called ’know your customer’ obligations on non-US banks. Each bank must be able to provide assurances that its
customers are not terrorists, drug traffickers, money launderers or anyone who is persona non grata in the international financial markets. For these banks, the price of noncompliance is high – namely, being barred
from doing business in US dollars. The risk is posed not only to banks, but any financial institution, including investment businesses.

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