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.
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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
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