Indeed, same boat. I had to go from Panama, to the British Virgin Islands, in about 3 days. It then took me ALL of about 5 minutes to open the new IB account...
https://www.elitetrader.com/et/thre...s-activity-reports.349943/page-2#post-5201195
IB: "...terminate our relationship with you..."
- Thread starter FutureScalper
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Indeed, same boat. I had to go from Panama, to the British Virgin Islands, in about 3 days. It then took me ALL of about 5 minutes to open the new IB account...
https://www.elitetrader.com/et/thre...s-activity-reports.349943/page-2#post-5201195
No, I am not a US citizen.
I read about the fine, but I also read that the manipulative activities conducted were mainly from a New York trader, which means that probably US citizens were involved in such case.
It's true that the fine was for several charges, one of them was anti-money laundry breaches, but no details were given out related to that.
Anyway, it's their responsibility to ensure that they are compliant with AML regulations as well as others but they also need to be smart enough to prioritize their thousands of customers checks.
With them asking SOW documents, I still can't see a proper reasoning. Even the Banks I deal with won't ask for those documents unless I am coming to them with a pile of cash to deposit, only then, they will require documents to prove the source of the funds.
My guess, IB were complicit in money laundering by turning a blind eye to obvious irregularities in large sums being deposited in accounts from shady foreign types (greed as in how many banks operate) and now IB were caught they make law abiding citizens suffer due to their foolery.
The more I read about IB, the more convinced I am this is an unprofessional Co, always dramas.
Like buying cheap Chinese stuff which breaks not long after purchasing, it never ends.
The more I read about IB, the more convinced I am this is an unprofessional Co, always dramas.
Like buying cheap Chinese stuff which breaks not long after purchasing, it never ends.
I actually thought of the same thing, which is pretty weird
@themickey
"My guess, IB were complicit in money laundering by turning a blind eye to obvious irregularities in large sums being deposited in accounts from shady foreign types (greed as in how many banks operate) and now IB were caught they make law abiding citizens suffer due to their foolery.
The more I read about IB, the more convinced I am this is an unprofessional Co, always dramas.
Like buying cheap Chinese stuff which breaks not long after purchasing, it never ends."
Dude, you wish you had an actual account at Interactive Brokers
"My guess, IB were complicit in money laundering by turning a blind eye to obvious irregularities in large sums being deposited in accounts from shady foreign types (greed as in how many banks operate) and now IB were caught they make law abiding citizens suffer due to their foolery.
The more I read about IB, the more convinced I am this is an unprofessional Co, always dramas.
Like buying cheap Chinese stuff which breaks not long after purchasing, it never ends."
Dude, you wish you had an actual account at Interactive Brokers
More likely that they're accepting foreign clients without discrimination, unlike most US brokers.
Anyway, the real laundering is done inside the US by US corporations, so this witchhunt is somewhat misplaced.
I got it on the 15th, ID and source of funds. Have forwarded ID and some fund supporting docs but waiting for third party to provide on one. I had to provide proof from 16 years ago....
Possible triggers were me not updating passport data and switched to another non US bank for withdrawals that was not one I had sent money from. Am EU (for now) National based in Asia. HTH
As far as I can tell can only send withdraw funds to accounts you sent from, but I think it varies with perceived country risk. There is an IB page on restrictions.
Chipshot,
If I may ask a question.. How much it cost incorporating at BVI and what are the average expenses. Do You have an idea what capital would make sense to think a move like that? Asking for a friend..
Just sent you a PM...