Interactive Brokers - Compliance questions regarding deposits

[bigbite100]

What is it that they have with your "business"? Did you indicate to be an entrepreneur or business owner??

i entered that i am self employed with a cyprus Ltd business. should i change it to "employed by" or keep the self employed? i also dont have a financial statement yet

 

[JackAlabama]

i entered that i am self employed with a cyprus Ltd business. should i change it to "employed by" or keep the self employed? i also dont have a financial statement yet

self-employed equals to: inviting the monkeys to *** all over your place and dig deep into your affairs.

Obv you cannot change that now. You would need to be employed elsewhere.

 

[backpacker]

i entered that i am self employed with a cyprus Ltd business. should i change it to "employed by" or keep the self employed? i also dont have a financial statement yet

Indeed, @JackAlabama is right: You digged your own grave. Specifically in connection with a Cyprus Ltd.
I suggest to close you IBKR and open a new brokerage account somewhere else. Otherwise they always come up with new questions.

 

[bigbite100]

Thank you, didn´t know that.
I have a CY and Dubai residency. Which other brokers can you recommend? Does it make sense to change the Interactive Brokers to Dubai? Don´t know what to enter there as source of funds. Dividends?

And when opening a new broker account, what should I enter as source of funds?

 

[JackAlabama]

Thank you, didn´t know that.
I have a CY and Dubai residency. Which other brokers can you recommend? Does it make sense to change the Interactive Brokers to Dubai? Don´t know what to enter there as source of funds. Dividends?

And when opening a new broker account, what should I enter as source of funds?

not change. Close it.

It MAYBE works if you apply new with dubai residency since its us llc one while cyprus leads you to the european one.
There is swissqoute which works well for dubai residency holders.

income/employment or whatever you have papers for.

 

[bigbite100]

not change. Close it.

It MAYBE works if you apply new with dubai residency since its us llc one while cyprus leads you to the european one.
There is swissqoute which works well for dubai residency holders.

income/employment or whatever you have papers for.

@JackAlabama Thank you. I have a smal employment and I recieve dividends from a Dubai company. Employment is easy to prove but as it is not much money, they again might start asking strange questions. Dubai Dividens could sound shady as there is not much documentation besides a "dividend certificate". what is your opinion on that?

 

[zzzzzz]

Thank you, didn´t know that.
I have a CY and Dubai residency. Which other brokers can you recommend? Does it make sense to change the Interactive Brokers to Dubai? Don´t know what to enter there as source of funds. Dividends?

And when opening a new broker account, what should I enter as source of funds?

Ibkr doesn't like transfers to/from dubai (fatf & eu greylist), unless you have residency in dubai and use dubai residency with ibkr.

 

[Jock]

Here is your AI generated reply. Feed the monkeys with premium quality nonsense!

1. In an unequivocal and florid manner, permit me to elucidate the circumstances surrounding the inquiry concerning the accessibility of my IB account by external entities, be they corporate or individualistic in nature. To encapsulate the essence of my response in an eloquent, albeit extensive, exposition, I am compelled to assert that my current fiscal predicament is one characterized by a lamentable dearth of pecuniary resources, rendering me veritably impecunious. As such, I am in the unenviable position of requiring monetary sustenance, and thus, it behooves me to assiduously safeguard the sanctity and exclusivity of my IB account, refraining from granting ingress to extraneous third parties.
2. With respect to the query regarding the utilization of my IB account within a professional context, and whether the esteemed institution has any cause to suspect that my employment of the account transcends the boundaries of individual purposes, I shall endeavor to furnish a response that is both prolix and perspicacious. In an unambiguous and categorical manner, I must declare that my usage of the aforementioned account is strictly circumscribed to personal intentions, devoid of any professional entanglements or objectives. Consequently, I can assert with conviction and certitude that there exists no legitimate rationale for IB to harbor any suspicions or misgivings concerning the nature of my engagement with the account, as it remains wholly confined to the realm of individual pursuits.
3. In response to the interrogation pertaining to the employment of a VPN or the utilization of disparate IP addresses whilst accessing my IB account, I find it incumbent upon myself to provide an extensive and articulate elucidation. To ensure that the essence of my rejoinder is effectively conveyed, I shall refer to my previously proffered response, which can be succinctly encapsulated in the unassuming and monosyllabic word: "no." By invoking this simple, albeit potent, retort, I seek to impart the notion that the employment of a VPN or the adoption of varied IP addresses is a practice that is foreign to my modus operandi in the context of my interaction with the IB account.
4. With regard to the frequency and magnitude of deposits and withdrawals juxtaposed against the average equity balance, encompassing cash, on the platform, allow me to furnish a verbose and insightful analysis. The transactions occurring within the purview of my account are characterized by a moderate cadence, neither too sporadic nor too persistent, striking a judicious balance between prudent fiscal management and the exigencies of my personal circumstances. As for the magnitude of these transactions, they bear a commensurate proportionality to the prevailing equity balance, thus maintaining a harmonious equilibrium between inflows and outflows, ensuring that the account retains a semblance of stability and coherence in the face of the capricious whims of the financial landscape.

Excellent LOL

 

[bigbite100]

Ibkr doesn't like transfers to/from dubai (fatf & eu greylist), unless you have residency in dubai and use dubai residency with ibkr.

i have a residency but i cannot provide utility bills. would this still work?

what would be the correct process? sell the assets, withdraw cash, close the IBKR account , meanwhile open new account and deposit cash?
Will they even let me sell and close the account since they are reviewing it? they give me 7 days time to reply or do restrictions

 

[zzzzzz]

i have a residency but i cannot provide utility bills. would this still work?

No. They want proof of address i.e. utility bills or bank statement. Your residential address in dubai must be visible on it.

 

[JohnnyDoe]

No. They want proof of address i.e. utility bills or bank statement. Your residential address in dubai must be visible on it.

$20 from a photoshop guy

 

[bigbite100]

if they will check the documents sent and decide it is not satisfactory for them or they dont accept the source of funds, what will happen? Will they close the account or also keep the money?

$20 from a photoshop guy

 

[JohnnyDoe]

if they will check the documents sent and decide it is not satisfactory for them or they dont accept the source of funds, what will happen? Will they close the account or also keep the money?

Relax. They can’t check anything, they only visually inspect the document.

 

[bigbite100]

Relax. They can’t check anything, they only visually inspect the document.

So they dont check the numbers, adresses, transaction references and so on?

And when opening a new broker (was thinking of Saxobank or Swissquote) - should I enter Cyprus based? Money will come mainly from UAE bank account.

 

[JohnnyDoe]

So they dont check the numbers, adresses, transaction references and so on?

it was already discussed in another thread. Financial institutions can't call the utility company to check if a person is their customer. They only check if the document they receive looks legit.

And when opening a new broker (was thinking of Saxobank or Swissquote) - should I enter Cyprus based? Money will come mainly from UAE bank account.

Declaring residence in the same country of your citizenship is easier.

It seems you are a bit confused, maybe you should hire an advisor to guide you.

 

[bigbite100]

Hey guys, they keep asking stupid questions. Now they would like bank statements of all banks which made deposits to the account from the last 6 months to check the source of funds. I dont trust them anymore. What will happen if they somehow decide they cant explain the source of funds? Will they just close the account and pay out the money or will they keep it?

 

[JohnnyDoe]

IBKR is the best platform out there, it’s worth trying to satisfy the monkeys

 

[JackAlabama]

Hey guys, they keep asking stupid questions. Now they would like bank statements of all banks which made deposits to the account from the last 6 months to check the source of funds. I dont trust them anymore. What will happen if they somehow decide they cant explain the source of funds? Will they just close the account and pay out the money or will they keep it?

The monkeys are not allowed to keep your cash, even tho its under their custody. So they have you by the b***, literally since rule: not your bank, not your cash applies, nevertheless I assume they do not want to deal with extra hassle and will return it.

You gotta give them what they want. You can check if you have sus stuff on these statements, which should not be anyway since you somehow got cash in your banks in the first place.

 

[JohnnyDoe]

Anyway, while I sympathize with OP, I think that he must have done some big mistake in his opening forms and/or with the account usage. I find IBKR compliance quite easy to deal with and I never had any problems with them even when using the most obscure structures. I am a client since about year 2000.

 

[denniz07]

Hey guys, they keep asking stupid questions. Now they would like bank statements of all banks which made deposits to the account from the last 6 months to check the source of funds. I dont trust them anymore. What will happen if they somehow decide they cant explain the source of funds? Will they just close the account and pay out the money or will they keep it?

Hi there, I'm not sure what they will do. BUT the question is quite simple, is it clean or not? If it is clean - just give the everything. I think they like most the tax returns. In my case they asked questions nearly a year, but where happy when I gave them my tax declaration. I'm pretty sure they didn't check anything. They just want to make sure that nothing is wrong with the money. Of course you have to explain where it comes from.
There is some risk that they close you account. In my case I couldn't trade and so on for a while. But not sure about withdrawals.

I wouldn't say IBKR is not trustworthy! They are very slow. This kind of stuff make take months. BUT they don't try to steal your money for sure. Just follow regulations.