When reviewing several futures broker account setup proceedures I noticed one asks for a copy of a photo-ID along with the usual forms etc. I found this an odd request to open an account. Am i off-base?
I had to send an id and utility bill. I was told it is part of some new anti money laundering laws. -Todd
I emailed them and they replied: "Due to CFTC (Commodities Futures Trading Commission) requirements, a copy of 2 forms of identification must be submitted along with all account forms." I asked for clarification that that meant 2 PHOTO id's and was told "yes, like a passport or something". Oh well. I'm not going to go get a passport for the honor of paying them commissions. Is this 2 "photo" ID rule really a CFTC reg? Sounds like a misinterpretation to me.
Tail waggin the Dog, LOL Haha CFTC regs huh? I'm sure my PM box will be bursting in flames from all the lurking brokers on this board, All the "senior members" who haven't been on this board even a month. YOU KNOW WHO YOU ARE. At least Decloak and state your affiliation I think its the brokers who should proactively provide: picture ID( 2 forms of course)prison stripes pose preferred, utililty bill(s), High School and College(if any) transcripts Series 3 test scores (LOL) NFA registration history, criminal record history, 2yrs audited tax returns, 3 references from satisfied customers, 3 from dissatisfied customers Commissions and fees charged( IN WRITING) to each prospective customer and the customer should do due dilligence on that information as well. An then think twice about the SOB and their house of cards "firm" I know, not ALL brokers are bad......just haven't met one who can tell the truth without choking
Not a CFTC rule but a soon to be enforced federal law... http://www.treas.gov/press/releases/po3034.htm
but unless you have a passport who has two picture IDs? I've traveled out of the country but always to USA friendly places like Cancun, St.Kitts etc. and never needed to get a passport so far. I never imagined I'd be getting a passport so I could open a trading account Thanks for the info.