“A Dearborn-based Arab-American advocacy group is asking the federal government to investigate banks in southeastern Michigan for closing accounts of community members. Abbas said since the Bank Security Act (BSA) went into effect in 2001, Arab Americans have been increasingly targeted with account closures. The act requires financial institutions to monitor and report certain transactions to the FBI. ‘Banks are misinformed and they are using their discretion to close accounts as a preemptive strike. If they are in doubt, they shut it down,’ he said.”
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