IB Now Needs Passport or Drivers License?

Discussion in 'Interactive Brokers' started by Option_Attack, Aug 2, 2022.

  1. Sounds like the standard KYC a lot of brokers require now. I suppose with IB being around for so long it's not something longtime users will have had to deal with but is something enforced on them by regulators from what I understand.
     
    #31     Aug 3, 2022
  2. smallfil

    smallfil

    Don't blame the brokers, they are just following rules by various government entities. Americans by and large, are the most scrutinized by the US Internal Revenue Service on foreign income if you work or live abroad. That is also, the reason a lot of foreign stockbrokers will not accept Americans as clients. For the very simple reason that regulatory compliance with the US Internal Revenue Service requires them to provide a lot of information and paperwork even if the American is not guilty of any wrongdoing. It adds to the cost of doing business so, who needs that crap? More and more work, with no compensation for it? Pity the poor American too because he has to jump thru hoops, just to open a brokerage account abroad? Funny too. The biggest tax cheats are billionaires in the US with their numerous tax loopholes. At most, they pay very little taxes on their billions if at all.
     
    #32     Aug 3, 2022
    murray t turtle likes this.
  3. It's par for the course the government need to squeeze every last drop off tax from any side hustle us plebs try
     
    #33     Aug 31, 2022
  4. %%
    Exactly.
    But BIG difference between a tax cheat\ + someone that simply has a good CPA or doesn't want to let a well designed tax law like Roth\ back door Roth[tax free ] accounts go un-used.............................................................................:caution::caution:
     
    #34     Aug 31, 2022