Important Information Regarding the Opening of an Account at Tribal Capital Markets
The USA PATRIOT Act, implemented in October 2002, is designed to detect, deter, and punish terrorists in the United States and abroad. The Act imposes new anti-money laundering requirements on brokerage firms and financial institutions. Tribal Capital Markets, LLC. has implemented its AML program. To help you understand these efforts, we want to provide you with some information about money laundering and our steps to implement the USA PATRIOT Act.
What is money laundering?
Money laundering is the process of disguising illegally obtained money so that the funds appear to come from legitimate sources or activities. Money laundering occurs in connection with a wide variety of crimes, including illegal arms sales, drug trafficking, robbery, fraud, racketeering, securities fraud and terrorism.
What are we required to do to eliminate money laundering?
Under the rules required by the USA PATRIOT Act, our firm has designated an AML Compliance Officer, set up employee training, arranged for independent audits, coordinate activities with our clearing firm, JP Morgan and established policies and procedures to detect and report suspicious transactions and ensure compliance with the laws. As part of our required program, you will be asked to provide various identification documents. Until you provide the information or documents and until your identity has been verified, you may not be able to open an account or effect any transactions through us or our clearing firm.
What types of information will I need to provide?
When you open an account, your firm is required to collect the following information:
- Date of birth
- Identification number:
- U.S. citizen: taxpayer identification number (social security number or employer identification number)
- Non-U.S. citizen: taxpayer identification number; passport number and country of issuance; alien identification card number; or government-issued identification showing nationality, residence and a photograph of you.
- You may also need to provide a copy of your driver’s license or other identifying documents.
A corporation, partnership, trust or other legal entity may need to provide other information, such as its principal place of business, local office, employer identification number, certified articles of incorporation, government-issued business license, a partnership agreement , a trust agreement or other documentation that establish the legitimacy and authority of a business entity.
U.S. Department of the Treasury, Securities and Exchange Commission and FINRA rules already require you to provide most of this information. These rules also may require you to provide additional information, such as your net worth, annual income, occupation, employment information, investment experience and objectives and risk tolerance.
Please be aware that Tribal Capital Markets, LLC ("TCM") is registered with FinCen, the United States Government website for Financial Crimes Enforcement. TCM reviews all accounts and reports any positive match to FinCen criteria to the proper authorities.