Yan from Owner.One
Most people know persons with two, three, or five passports. This is not only the freedom of movement but also the freedom of financial planning. Freedom requires greater caution. The grounds for denying a banking transaction and initiating additional scrutiny may be the unwarranted and illogical possession of multiple passports by a UBO. The concept of “residential banking”, enforced by FATF and banks, requires demonstrating a reliable connection with all the countries of citizenship and residency. The others face limitations in their rights.. If one passport is used across all global banks, why hold the others? A simple way to improve your reputation with banks is by providing a Source of Wealth Essay, but 93.9% of individuals lack this document. In cases of doubt bank compliance officers start with the SoWE. A strong explanation of why you hold multiple passports can help stem the issue.