IB: "...terminate our relationship with you..."

mokwit said:
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.
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Not true. I'm withdrawing in Asia, account was funded in EU. It does have to be in your name though.
 
mokwit said:
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....
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For me I sent them bank statement from 6 years ago showing the dividends I used to fund the account and a company annual report of the LLC. It's still pending, not sure what else I could provide.
 
Collagen said:
Did they ask You source of funding? To me They ask source of wealth so I just sent stuff of last Year.
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They seem to be confused on that. Parts of the forms ask for "source of wealth" and then it's displayed as "source of funds" in other areas. Sounds like the people in charge of the website did not pay attention.

You don't have to provide documents for source of wealth if it's not connected to IB or US AML rules as per their PDF document states.
Also, legally speaking they shouldn't be asking for documents about the sale of your grandparents house two decades ago if it's not connected to the IB account in any way.
They do however appear to have a right to ask about the source of funds which you use for the IB account funding.
 
To me They have mentioned that They need to verify my declarations so They ask documents that can prove my declarations which in my portal is called source of wealth. I really don't know, asking documents for source of funds doesn't really make any sense. My funds left from an European bank more than 5 years ago which of course is monitored by European authorities. We have just to guess what They want . I am thinking about plan B at this point as I am tired of this scrutiny.
 
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Collagen said:
Did they ask You source of funding? To me They ask source of wealth so I just sent stuff of last Year.
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So strange that so many people have been asked to document their source of wealth. I just did the online application, and in "source of funds", I simply put real estate, and voila, welcome aboard! I truly wonder if this is jurisdiction-related.

I have been with IB since 2008, through Panama and BVI entities, of all kinds...
 
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