IB put my account to close only status.

T

trend2009

IB put my account to close only status three weeks ago. the compliance department is still reviewing my account. why do they take so long? when they are reviewing my account, they would dig into every order I sent or every trade I executed? I called IB help desk, the compliance department looks like a police station inside IB, other depts even do not have direct talk with them. IB help desk says it takes weeks up to a few month to complete the review. what a hassle.
 
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The better question is: What outlier activity did you perform?

Fraud detection these days frequently uses AI to detect abnormal activity. IB has been around a while and I'm going to guess you have likely broken someone's rule about something. But it's also possible you just got caught up in an algorithm that measures you against other accounts.

You probably know what you've done that was unusual. Interested in sharing?
 
Been round this for months myself but finally resolved.

In my case - with more than one account at IB - there was a discrepancy in the net income / net worth categories between accounts. It took several months to sort out this very basic administrative matter, after which the closing only status was lifted immediately, so check that @trend2009

Very frustrating trying to find someone in IB's compliance department with any common sense and/or anybody elsewhere who could communicate directly with them. The organisation is clearly not set up to solve problems of its own causing.
 
Judging by some of your older posts you are not an average trader, managing other accounts for persons in other jurisdiction and stuff...
So without any background I would guess it has to be something very specific.
Maybe using someone else's account without proper paperwork or for someone in a sanctioned jurisdiction or some connection to someone who was in Crimea or Russia or stuff like that...
 
trend2009 said:
IB put my account to close only status three weeks ago. the compliance department is still reviewing my account. why do they take so long? when they are reviewing my account, they would dig into every order I sent or every trade I executed? I called IB help desk, the compliance department looks like a police station inside IB, other depts even do not have direct talk with them. IB help desk says it takes weeks up to a few month to complete the review. what a hassle.
More...

Wrong citizenship/residence/IP address/politically connected/fake documents/AML rules/fake tax residency/ignoring IB pending requests/professional vs. non-professional status ....etc.
 
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I would hardly call that a problem they created. You clearly specified different net income/worth numbers in each account, their database does not magically change numbers itself. Most likely you gave them false numbers and therefore messed up your self, or it was an honest mistake, still of your own making.

Global OptionsTrades said:
Been round this for months myself but finally resolved.

In my case - with more than one account at IB - there was a discrepancy in the net income / net worth categories between accounts. It took several months to sort out this very basic administrative matter, after which the closing only status was lifted immediately, so check that @trend2009

Very frustrating trying to find someone in IB's compliance department with any common sense and/or anybody elsewhere who could communicate directly with them. The organisation is clearly not set up to solve problems of its own causing.
More...
 
M.W. said:
I would hardly call that a problem they created. You clearly specified different net income/worth numbers in each account, their database does not magically change numbers itself. Most likely you gave them false numbers and therefore messed up your self, or it was an honest mistake, still of your own making.
More...
Income and worth are just snapshots in time and change from year to year. The assessed value of my house went up $700K last year. It will probably fall $300K this year given the housing market.

Good to know if I ever set up multiple accounts.
 
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