Money Laundering Fears Cost Some Mexican Businesses Their Bank Accounts Jude Joffe-Block - Fronteras Desk
go to original January 17, 2015

In addition to closing some foreign business accounts, Chase has closed some branches along the Arizona border, including its only branch in Douglas, Ariz. (Jude Joffe-Block)

NOGALES, Sonora — Here in this Mexican border town, the lunch crowd is settling in at La Roca restaurant. Its live music, colorful decor and traditional cuisine have made it a landmark for 43 years.

The prices are listed in dollars, and many of the diners come in from Arizona. The ownership is American and so was the restaurant’s bank account and credit card — until a few months ago.

That’s when La Roca’s owner Alicia Martin said she got a phone call from Chase Bank. They said they were closing some foreign business accounts, including La Roca’s.

“And I was like, 'What?'” Martin said. “'What are you talking about? You know, why?' And she said, ‘Because we can’t monitor you.’”

It was part of the bank’s efforts to stay in line with federal anti-money laundering regulations.

Read the rest at Fronteras Desk

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!