Guess it is just that I've never had to do it before. But then the last trading account I opened was IB, many years ago. Back in the day...a US SS or tax number, address, and credit check was all that was needed. Things change.
IB Now Needs Passport or Drivers License?
- Thread starter Option_Attack
- Start date
Credit check? I doubt that. IB does not extend credit why would they need it? Never heard of that in connection with IB. Pretty sure you got that wrong.
I wouldn't recommend ignoring it - I had to fill in some Mifid form for SAXO 2 years ago, which I knew nothing about and so failed to do it by the deadline (apparently, they messaged me on the platform, but I didn't see it) - the c*nts blocked my account and I could only do 'closing' trades. Even after providing the documentation, it took over a month of begging and pleading for them to allow me to access my account. I swiftly withdrew all my funds and closed the account.
Just send IB a photo of your passport online - it takes minutes and saves you headache later.
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You're probably among the last clients to receive this request.I've had an account with IB for 20 years. Now I need to send in these docs?
Where did this come from? Don't like it...
I've had an account with IB for 20 years. Now I need to send in these docs?
Where did this come from? Don't like it...
lol, welcome to kyc
Ironbeam
Sponsor
Typically if the broker can't verify your identity/address independently from the information you provide on your account application, they'll ask for a copy of an ID to verify. I can't speak for IB but perhaps they switched verification systems or re-ran their customer's info due to regulatory requirements and need ID's for those who weren't able to be verified automatically.
%%I've had an account with IB for 20 years. Now I need to send in these docs?
Where did this come from? Don't like it...
SOP[standard operating procedure] + for cashing checks+ @ a lot of banks;
some skip it if they know you/ but that's a community or smaller bank.
Photo id is a good idea; how else would an out of town brokerage know you are you??
Looking @ it from both sides , 20 years is not anywhere near proof ,OA.
I've had an account with IB for 20 years. Now I need to send in these docs?
Where did this come from? Don't like it...
Not sure when it started but I'm currently traveling across several countries in North America and Europe...
I was recently at my bank in France to make a withdrawal and forgot my card pin number and needed the card to be reset...they immediately asked for my passport without mentioning any other identification being required as they did in the past.
Back in 2016 and out of a coma...I needed to send a copy of my passport to regain access to my broker account because I had forgotten just about everything associated with my account.
In fact, now while traveling...I'm keeping my passport on me at all times because its starting to become the go-to identification document.
wrbtrader
It's even easier to just store a copy of the passport and DL identification page in a secure location on the cloud ok, some are scared of document storage on the cloud. But that's in effect what every bank, service provider and service, we as ordinary residents use, does already for years. The storing can be done in encrypted form. Easy to pull up when needed, even on my mobile... Works for me for years now. I use one drive and store sensitive documents in an encrypted folder. I have never been hacked nor has my identity been stolen ever even once, at least not to my knowledge that it affected me negatively in any way.
Not sure when it started but I'm currently traveling across several countries in North America and Europe...
I was recently at my bank in France to make a withdrawal and forgot my card pin number and needed the card to be reset...they immediately asked for my passport without mentioning any other identification being required as they did in the past.
Back in 2016 and out of a coma...I needed to send a copy of my passport to regain access to my broker account because I had forgotten just about everything associated with my account.
In fact, now while traveling...I'm keeping my passport on me at all times because its starting to become the go-to identification document.
wrbtrader
