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Ask HN: KYC regs and SVB

2 points by danieltillett ↗ HN
I am curious if anyone know how the silicon valley bank gets around the know your customer regulations that require a business bank account be opened in person at a physical branch? Are they just ignoring the regs or are all the other banks interpreting the regulations too conservatively?

3 comments

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eschutte2
Do the regs actually require an in-person visit? I thought it was just that they had to make "reasonable efforts" to identify you. I know I've opened a business account (not at SVB) over the phone, although they did ask a lot of questions.
danieltillett
The regs are quite different if you are a foreigner. Were you in the USA when you opened the account.
eschutte2
Yes, in USA, same state, US citizen.