Why are banks concerned about anti-money-laundering rules?

How American expatriates are affected by anti-money-laundering rules.

Douglas Goldstein,

Money (illustration)
Money (illustration)

Doug Goldstein, CFP and director of Profile Investment Services Ltd., and David Kuenzi, CFP of Thun Financial, discuss why U.S. citizens living in foreign countries face a series of challenges to keep their American financial accounts.

It boils down to the simple phrase: anti-money-landing rules (AML). America has strict rules about money leaving its shores. David offers his professional insight on the subject and stresses the importance of working with a cross-border advisor to keep your accounts in compliance.