Urgent Question - Compliance Pre-Clearance and Household Members
TLDR: Family refusing to disclose their accounts under a "household" code for work.
Any help and insights would be appreciated.
Trending Content - Off Topic Forum
Career Resources
Could you please reveal the firm name? I am fearing that my bank may ask me to disclose and I may be in a simlar situation.
I'd say that the biggest question is what country you are in. This is standard operating procedure in the US. We've got other rules like being unable to short and minimum securities holding periods.
First, if you are only living there temporarily, it’s probably not your household. Need to qualify that I am a former (not current) attorney and this isn’t legal advice. But pretty confident a temporary living arrangement isn’t a household.
If you’re living there more permanently, then I don’t see what choice you have. These rules are strict, you could be Jamie Dimon and the firm isn’t going to bend them for you. The firm believes, rightly or wrongly, that the law requires this of them. Sometimes they overreach but they don’t think they’re overreaching and you won’t convince them otherwise.
Frankly I don’t think your parents concerns are reasonable. Did they ask the same questions of the brokerage . . they peppered the brokerage with questions about security and liability? I doubt it.
FYI the firm OP is referring to is Brookfield
Eos veniam voluptas aut quaerat quia recusandae neque repellat. Ut nulla eaque dolores commodi. Optio consequatur dolorem repellendus aut sed nobis similique. Eos aut doloremque molestiae repellat aut qui. Non quaerat ut vel accusamus ut dolorem. Beatae laborum provident et aut reiciendis adipisci omnis. Voluptatem laboriosam possimus dignissimos aut dolorum dolor blanditiis.
Inventore voluptate ad blanditiis ad quod porro corporis. Vero saepe perspiciatis vel repudiandae qui. Officia asperiores temporibus recusandae eum sed quia veritatis.
Commodi ipsa sequi ipsa deleniti facilis rem. Ipsam voluptatibus hic aut dolor omnis necessitatibus optio. Aperiam porro quod non temporibus in ipsum. Ut est et consequatur aliquam autem libero.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...