Source of Wealth IBKR

kakao

kakao

Hello,

i am using IBKR since 1 year. I made some good profit and withdrew all money. I am not using IBKR since months and i just log in to TWS sometimes to read news or check some charts but since i've no money on my account anymore i don't trade. I got this message from IBKR:

Our system lists your Source of Wealth as “Income from Employment”, “Property” and “Inheritance/Gift”. However, we have not received your supporting documentation regarding this designations. Please log into the Client Portal/Account Management and upload following documents.

1. Bank statement, Salary Statement and Employment documents to verify Employment Income.
2. Sale or Rental agreement, Bank account or any other supporting documents to verify Income from property.
3. Copy of Will, letter from attorney confirming the name of the grantor, date of the gift and value, FATF bank statement showing the gift payment, statement from US broker/dealer, copy of cashed check, will/trust notarized and certified

I wonder why do they want such documents from me? Did they blacklisted me somehow or this is very regular request?
 
kakao said:
I wonder why do they want such documents from me? Did they blacklisted me somehow or this is very regular request?
More...
This has happened to many. It is caused by IB (and other financial institutions) needing to ascertain that their customers are not laundering money. So you have to satisfy them that your funds are from legal sources.
If you want to keep your IB account you'll have to give them sufficient documents. If you don't want to give them that, then you can choose to close your account.
 
It's a normal request nowadays.

I also have items outstanding, been trying to contact them every month to clarify some details but the CS is nonexistent, when you get someone they don't know and forward to a department that never replies.
 
Anti Money Laundering
https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-02-111/html/GAOREPORTS-GAO-02-111.htm
Broker- dealers are expected to
collect enough information about their customers to ensure that any

recommended investments are suitable. However, for some accounts this may
not include all information, such as the customer's source of the wealth or
income, that can be important for assessing whether this customer's
activities are suspicious.
More...
upload_2021-5-22_21-28-53.png
 
d08 said:
It's a normal request nowadays.

I also have items outstanding, been trying to contact them every month to clarify some details but the CS is nonexistent, when you get someone they don't know and forward to a department that never replies.
More...
In my case it got solved after multiple months of utter radio silence. IB allowed me to upload only one document and I didn't know which one to use. So instead I wrote a letter, explaining the situation and uploaded that. Then, after many months, somebody contacted me and started asking for documents to back up my letter. Via this interaction was I able to submit multiple documents, until they felt satisfied.
 
But can we transfer any money to IBKR while they still
d08 said:
It's a normal request nowadays.

I also have items outstanding, been trying to contact them every month to clarify some details but the CS is nonexistent, when you get someone they don't know and forward to a department that never replies.
More...
They forward and forward... It takes months. But can we transfer any money to IBKR and trade meanwhile? Or they must be complate the investigation and get satisfied first?
 
You can trade while it's pending because some of the proof they ask is complete insanity. Imagine someone in his 70s sold property in the 1960s and they actually want proof of that income. Most of these documents are destroyed I'd imagine.
 
kakao said:
They forward and forward... It takes months. But can we transfer any money to IBKR and trade meanwhile? Or they must be complate the investigation and get satisfied first?
More...
Yes, you can continue using your account while this review is in process.
 
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