Interactive Brokers - Compliance questions regarding deposits

[bigbite100]

Hey guys, just sent them an explanation and recieved this message:

1. Provide documentation with information identifying the source of funds for the deposits (transaction order, agreement, invoice, payslip, bank statements etc.).

2. Please explain and confirm the activity of your business. Please attach last year's financial statement.

For 1, I will just sent a bank statement. Hope this will be enough

For 2. - I dont have a financial statement (yet). What should I do? Any tools to generate one or any other solution?

Thank you in advance.

 

[backpacker]

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

 

[bigbite100]

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]

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]

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]

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]

@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]

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

 

[Jock]

Excellent 🙂 LOL

 

[bigbite100]

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]

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

 

[JohnnyDoe]

zzzzzz said:
No. They want proof of address i.e. utility bills or bank statement. Your residential address in dubai must be visible on it.
Click to expand...

$20 from a photoshop guy

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[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?

 

[JohnnyDoe]

bigbite100 said:
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?
Click to expand...

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

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[bigbite100]

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]

bigbite100 said:
So they dont check the numbers, adresses, transaction references and so on?
Click to expand...

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.

bigbite100 said:
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.
Click to expand...

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.

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[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

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[JackAlabama]

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.