Canadian bank qualifies its refusal to open US dollar accounts for some

0 Comments | AFP, January, 2007

MONTREAL (AFP) — Canada's biggest bank said its refusal to open accounts in US dollars for Canadians with dual citizenship from certain countries would affect only non-residents who are not well-known to its bankers. The Royal Bank of Canada (RBC) had acknowledged local media reports this week that it refused to open US dollar accounts for Canadians who were also citizens of Myanmar, Cuba, Iraq, Sudan, North Korea and Iran, and "in rare cases" had closed accounts of dual citizens.

The closures were done to "avoid problems" for the clients such as having checks frozen in the United States, bank spokesman Raymond Chouinard told AFP, adding that the controversial policy was in compliance with US Treasury Department requirements. But public broadcaster Radio-Canada said RBC was...