Iraq and Interactive Brokers

So much for freedom! US oil companies are raping and profiteering the Iraq oil supply but their citizens are still locked down tighter than China.

IB is pandering to oppression.
 
I'm not an expert in this area but I believe they are required by the US Gov't to ask you these question because of the Anti-Money Laundering and Patriot Act that were passed shortly after 9/11. If you don't answer the questions you probably won't get an account open with them, and I do not believe they are being driven by racism, but rather by force. Good Luck!

Quote from hayder:

Dear All

This is a message of warning to other posters from the Middle East (and possibly other regions) regarding the account opening procedures and attitude by IB.

I'm a British citizen of Iraqi origin (left in 1981).

I live in Dubai and tried opening an account with IB (due to the commissions and variety of securities on offer).

I sent them all the required documentation including:
My british passport
UAE driving licence
My Bank details
Apartment lease agreement.

They came back and asked me the following questions (which I answered):


In reviewing your account application and documents we have noticed that the place of birth on your passport indicates Baghdad. Due to this, there are some additional questions we will need before we can continue processing your account application.


Please review and provide responses to the below questions:


1) Do you currently hold a passport from Iraq?
NONE OF YOUR BUSINESS. I APPLIED WITH MY BRITISH PASSPORT.

2) Do you hold Iraq citizenship?
NONE OF YOUR BUSINESS. YOU KNOW I’M A BRITISH CITIZEN. YOU NEED TO KNOW WHERE MY GREAT GRANDMOTHER WAS BORN TOO???

3) Do you have business dealings in Iraq?
NONE OF YOUR BUSINESS

4) Do you hold any financial accounts in Iraq?
NONE OF YOUR BUSINESS

5) Do you have plans ever to back/settle in Iraq?
IF AND WHEN I PLAN TO MOVE ANYWHERE I WILL INFORM MY BROKER AND BANK IN GOOD TIME. I’M LIVING IN DUBAI NOW. YOU HAVE NO RIGHT TO ASK ME WHAT MY LIFE PLANS ARE AND WHAT UNDERWEAR I PLAN TO WEAR TOMORROW.


Please review and provide responses to these questions and we will review and finish processing your account application for final review and approval. .

Regards,


Michael

New Accounts Department
Interactive Brokers, LLC-US
More...
 
Quote from buzzy2:

It's not IB's fault, it's the US KYC/AML know-your-costumer/anti-money-laundering regulations, as well as regulations regarding who can and who can't open accounts in the US.

In this case, I suspect they are investigating whether you have dual citizenship Iraq-UK. So according to US regulations UK citizenship doesn't matter you're still an Iraq citizen.

I suggest opening an account in another country, or opening an account through a 3rd person or an entity.

If it's any consolation, american citizens face similar discrimination when opening non-US accounts. When some banks see place of birth "USA" they want to see the american passport, even if you are legally a citizen of another country in the relevant jurisdiction, i.e. not a US citizen.

I agree with zdreg, it's a terrible injustice to limit economic freedoms to people just because of place of birth.
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I agree with you both,

seems like you're limited to a British firm that will accept your British passport and have more reasonable "vetting" questions...

oh, BTW (by the way)

weren't the comments by the other posters here worse than IB's?
 
There are numerous regulations regarding money-laundering, so financial firms have to "know their customer", especially so after 9/11. Due to your background from what is now a politically sensitive conflict zone, they would be insane not to enquire further. This is obviously the reason they asked these questions, I doubt they give two hoots what your race is.

If you don't want to answer the questions, then don't. Just refuse to use IB if you find their security checks invasive. No one is obliging you to go with them. And they have no obligation whatsoever to take you on as a customer.

I fail to see the problem here. A free country is one where people choose who they do business with. If IB want to check in detail on people who were born in war zones or dictatorships, that's their prerogative.
 
Quote from buzzy2:



I agree with zdreg, it's a terrible injustice to limit economic freedoms to people just because of place of birth.
More...

A brokerage account with a third-party is not an "economic freedom". It is a business service which is provided at the discretion of the provider. You have no right to it whatsoever, any more than they have the right to have you as a customer. In both cases, it is the *free choice* of both party to provide, or not provide, the service & custom in question.
 
Quote from Kicking:

T

I am not going to take a stand for muslims in that part of the world, everybody is wary of them justifiably after what has been done in their name.
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Lol. Well, here we do have some racism it seems, not at IB but on ET. What a surprise that is!
 
What I can't understand is how do you consider their requests as racism? :confused: It seems that you are twisting things around, no foul language has been used in their request to provide information, it seems to me that you simply don't want to answer the questions because they insult you. They are just questions, if you don't wish to answer them, then open an account with another brokerage firm. When you go abroad some countries will have visa requirements for some & not for others, is that racism?
 
Quote from TorontoTrader2:

So much for freedom! US oil companies are raping and profiteering the Iraq oil supply but their citizens are still locked down tighter than China.

IB is pandering to oppression.
More...

The oil industry in Iraq is nationialized. Iraqi oil revenues are all going to Iraqi.

You socialists wouldn't know a fact if it kicked you in the ass.
 
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