Yes. That's exactly why the banks are doing it. I currently reside in Thailand and when opening an account with a local Thai bank, I have to fill out this form. A local bank, which has no branches in the US (or really any other countries) and I'm not a US citizen nor have ever been there. Yet they get bullied into getting me into contact with the US burocracy out of fear of getting fined. I don't think that's ok. And it's just one example why the rest of the world is severely cutting their dependencies on the US whenever they can. Global scale e-spionage is another big issue.
