Dutch Bank Restricts Accounts of Americans

ABN Amro, the Dutch bank bought by three European rivals last year, said Tuesday that it was closing any portfolio investment accounts held by customers with a United States passport within 30 days, citing "strategic reasons."
An ABN Amro spokesman in Amsterdam, Hans van Zon, said American passport holders would still be able to have checking and savings accounts but would have to close any investment accounts, like funds investing in stocks.
"It has nothing to do with individual clients, but is part of a strategic assessment and affects only a very small part of the client base," he said, without giving more details.
De Telegraaf reported that the decision to cancel the accounts was a result of high costs to comply with American regulatory laws. Mr. van Zon declined to comment on the report.
A spokesman at the Securities and Exchange Commission said he was not aware of any recent regulatory change with regard to Dutch banks or their customers.