Major U.S. Banks Close Accounts of Foreign Missions Due to Fear of Risks

On January 14, 2010, the media highlighted the decisions by JP Morgan Chase, Bank of America, HSBC, and Citibank to inform a large number of foreign missions that they would close their bank accounts.  In September 2010, JP Morgan Chase informed more than 150 ambassadors that their accounts would be closed as of March 31.  The problem grew in January as many U.S. banks declined to open accounts for foreign embassies who are now having difficulty finding banks with which to open accounts.