Yep. Ever since 911 we now have the Patriot Act and NASD Rule 3011 and NYSE Rule 445, that all broker/dealer firms are required to have AML compliance programs in place by April 24th, 2002 Perhaps the broker/dealer that Nana was dealing with just didn't want to have to deal with his situation. But that's ok, this is the USA and business owner's do indeed have the Freedom to Choose who their customers are, right? http://www.nasdr.com/money.asp#rules
You have to be Iranian to run a brothel out of the leader's bedroom, and anywhere in Iran for that matter. At least you did when they had a Shah. And I always thought that that was an unfair trade practice but there was never an avenue of appeal to contest the Iranian brothel protection laws. Every pimp on the planet hates those laws.
This is likely the crux of the matter. Yes, American firms can generally turn customers away at will, but doing so can obviously be costly in terms of revenue and profitability, which in the end is all they really care about. But the 'need to know one's customer' and anti money laundering regulations in the US have been stepped up dramatically, along the lines of all the headaches we hear about at the international airports. Nana, you are an Iranian expat citizen living somewhere in the middle east. It is understood or assumed that forged or fake documents, from passports, birth certificates, to domecile documents are available for a nickle in the region you reside. Thus, my best guess is that a senior CSR exec at the brokerage simply determined that they couldn't reach a certain comfort level with determining who you are and where your money is coming from. Quite reasonable IMO. To put it more bluntly, Iran is actively sponsoring terrorist organizations - who is Nana Trader and is he worth the risk? Possibly not. If you really want an account with this firm, you might enquire whether this is the case and if so, how you might go the extra mile to demonstrate to them that you are just an average shmoe trying to make a buck. But hostility and threats are a dead end.
May be i have to look into this in future, since today majority of brokerage are accpeting account for Iran citizens, but that might change soon, and not being able to trade at all
Yes, it just a wast of everything dealing with this kind of firm. Even if today they accept my account, tommorow might they close it again after dedicating so much time to learn about their service, platefroms,....
No, I want this thread to be right here, since this is serious problems for traders from 20 somthing countries and they can refer to it in this forum easily
No, i will not prevail, and seems everyone agree with it, espcially this firm is like a ocean and i'm like a drop against them. But i will beat them up here when i get my chance and when any issue rise up regarding whethere to choose them as a broker.
Thanks for your advice that tells me not to be aggresive in responding and making desicions too quickly like with regard to that firm, in the future. yes, i have decided to move and look for other brokers. I might sent you PM in this regard for futher info if i have a need...