It's still a thing. The US thinks it's hot shit, wants banks all over the world to comply with extra requirements for US citizens, which no other country does. Banks don't want to deal with it. Ordinarily they'd just ignore stupid requirements coming from stupid countries like China, but when it's the US they don't want to be sanctioned.

Thankfully, the US is now trying to delete its special position so we may soon be in the situation where stupid requests from the US are treated the same as stupid requests from Russia.