Old Sanctions Fears Stall New Myanmar Trade

[DagonKhan]

Old Sanctions Fears Stall New Myanmar Trade

Five months after returning home from a work trip in March to Asia, Daniel Rathbun received a letter from SunTrust Banks Inc. Mr. Rathbun, the bank wrote, had violated its policy by accessing his account from a computer in Myanmar, a country on which the U.S. has placed economic sanctions.

Continues here:- http://blogs.wsj.com/riskandcompliance/2014/09/08/old-sanctions-fears-stall-new-myanmar-trade/

[DagonKhan]

Had it happen to me several times.

Plenty of ways around it:-

1) Do not use any U.S. Banks.

2) When sending US$'s never mention "Myanmar", "Burma" or "Yangon" etc as their computers will pick it up (has to clear through a U.S. bank regardless of who/where you bank with).

3) Maintain a US$ account in Singapore which also allows internet banking.

4) Use Euro's (popular here with business/traders) or another currency.

4) Use the hondi system and keep the bastards guessing.

[onthemoon]

Yes, these are workarounds. wouldn't it be better (for them) if the US banks caught up with the times?

Never mind, let them stick in the past. Up to them, really.

Oh, the article link is for WJS members only. But I get the gist.