We require CIP on the broker if it is not 1) a financial institution regulated by a Federal functional regulator or bank regulated by a state bank 2) A department or agency of the United States, of any State, or of any political subdivision 3) Any Entity established under the laws of the US of any State, or of any political subdivision of any
State, or under an interstate compact between two or more States, that exercises governmental
authority on behalf of the US or any such State or political subdivision.
4) Any Entity, other than a bank, whose common stock or analogous equity interests are listed on the
New York Stock Exchange or the American Stock Exchange or whose common stock or analogous
equity interest have been designed as a Nasdaq National Market Security listed on the Nasdaq Stock
Market (except stock or interests listed under the separate “Nasdaq” Small-Cap Issues” heading).
Ever broker I've seen fits in these exceptions but if not we would ID them with name address DOB SS# primary and secondary ID etc.
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Any information posted is my opinion and not the opinion of my employer.