Would depositing a large sum into interactive brokers cause any issues?

[UAETrader454]

I wish to transfer some Crypto profits from my UAE account to my IB account, If it is a large amount would transferring it in one go cause any issues with flags or reporting or AML?

Would one large deposit be better than smaller deposits over a couple of months?

the funds are legal but I know banks and brokers do not like Crypto so I wonder if it will be problematic if it is flagged, I assume not as they handle millions per day?

Thanks

 

[Martin Everson]

If funds fit with your profile and KYC they have on you when you opened your IB account then you maybe ok. Remember they asked you income, assets, source of wealth etc.

However if you told them your a €25k a year guy with €20k in assets and then deposit €500k then what you think will happen at some point?

 

[UAETrader454]

If funds fit with your profile and KYC they have on you when you opened your IB account then you maybe ok. Remember they asked you income, assets, source of wealth etc.

However if you told them your a €25k a year guy with €20k in assets and then deposit €500k then what you think will happen at some point?

Thank you, that makes sense, I did put down the correct amounts in the sign up process that would match my deposit info so ill deposit it and see what happens.

Would I know if it triggered an AML trigger and if it did would they still deposit it for use or would the account be frozen?

 

[avalanche]

Thank you, that makes sense, I did put down the correct amounts in the sign up process that would match my deposit info so ill deposit it and see what happens.

Would I know if it triggered an AML trigger and if it did would they still deposit it for use or would the account be frozen?

Its unpredictable. Depends on the decision of the AML manager of IB

 

[Fred]

From our experience they will hold your first big deposit for several days and run some AML checks that are mainly focusing on your Name on the IB account matchs the sender Bank Account of the deposit to IB and if you deposit from an EMI or real physical Bank Account. In case it's from an EMI it can be rejected.

If you deposit frequently 6-7 figures to IB they will usually let you fill out a questionaire once a year and in rare cases they can ask for bank statements to understand the source of income better - if it's all only from Crypto - this can cause problems. That's why we advise our clients to open IB business account and let appear everything Crypto realted as business earnings as it safes much headache with classic investment and wealth management later on - many people only focus in cashout but in fact that's just the beginning as you will always be reliant on institutions that accepts or even can handle due diligence on your Crypto only wealth.

 

[Fred]

And what about a 5-6 figures deposit from a bank account in a reputable jurisdiction different than your company's jurisdiction

Generally speaking sender's name and address on the bank account need to fit the name and address on the IB accounts everything else will lead to questions and depending on the outcome end in rejecting of the transfer.

The thing is IB is no bank and therefore they have sometimes some weird internal policies like making problems when high amounts coming from EMI not because they general reject transfer from EMI but because it's above there risk appetite.

 

[mike400]

I wish to transfer some Crypto profits from my UAE account to my IB account, If it is a large amount would transferring it in one go cause any issues with flags or reporting or AML?

Would one large deposit be better than smaller deposits over a couple of months?

the funds are legal but I know banks and brokers do not like Crypto so I wonder if it will be problematic if it is flagged, I assume not as they handle millions per day?

Hi UAETrader454, did you make any deposits to IB and have you had any issues?