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Comment by geeny777 | Hacker News Reader

Aren't there regulations that make this illegal? Surely current online banks would let you open an account without an SSN if they were allowed to.

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Some major banks do allow you to open an account without an SSN whenever you have a valid proof of address just like Pana. The difference is that they require you to visit the branch in person, we don't.

In that same vein, are there unique KYC/AML requirements that come about when dealing with customers who don't have an SSN? I've had the experience as an American banking in Europe and my impression was that banks really don't like to serve foreigners as customers because it has a higher overall risk profile (I know Americans also have unique additional reporting requirements but in general that was my understanding). Are there any regulations you have to deal with around immigration reporting?

If you have a valid passport and a proof of address in the USA, you are able to open a bank account with Pana and even some big banks. What we've seen is that its 10x more difficult with these big banks.

Sure, but it's probably partially more difficult because there are heftier regulatory requirements for non-citizens, no? I'm just curious how that translates practically to KYC/AML work on your side

Yes there are. For now from a regulatory standpoint validating the users identity and their proof of residing in the USA is enough to comply with KYC/AML standpoint

I never visited US but I have US bank account through Aeldra. And the required document it's just my Indian passport.

Sounds great! BB Americas has something similar for Brazilians wanting a US bank account, but other Latin American countries don't have services like Aeldra or BB available yet.

> but I have US bank account through Aeldra

Had. Aeldra is winding down operations. They sent out a notice a while ago. Check your email.

I don't think that is winding down but more of a compliance with their partner bank account. As long as you have transaction done by regularly you don't need to worry I think.

The email literally says:

Aeldra is winding down its operations due to a decision driven by external factors. This action is not specific to your account and applies to all Aeldra accounts.

I haven't figured that out. Bank of America required my SSN, but Varo, a neobank, did not require it. For my purposes they are functionally the same product, but maybe neobanks are excluded somehow?

FWIW, I created an account at Bank of America without an SSN. This was a few years ago though.

I think a lot of this might inconsistent even across branches of the same bank.

It’s totally possible to open accounts without SSNs.. plenty do it. They still need to do their KYC though.

How to KYC w/o SSN or other things the Gov wants to track us with?

I've seen some banking forms that ask for passport number, visa number or foreign tax ID when no SSN is available.

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