My IRA bank is claiming that the Patriot Act requires me to disclose my primary source of income, the name and address of my employer, the month and year I started and what year I started investing. Are they blowing smoke up my butt or is this true? They have locked me out of my IRA until I provide this information.

You hiding something?

This has been true for a very long time.

Slightly different, but you even have to provide your occupation to open a bank checking account.

"Entrepreneur" or "self employed"

CS78 said:

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"Entrepreneur" or "self employed"

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Just don't make cash transactions in $9,999 increments and you'll be alright.

I'm surprised you've been able to avoid this until now. I've had to include this information for many years.

I've been ignoring their update requests for a few years now and guess they finally are cracking down. Apparantly I am servicing the bank now, not the other way round.

I thought the new limit was any $600 transaction

I passed the Series 7 in 1990 and Know Your Customer (KYC) was part of it. Has to do with money laundering. Those are SEC rules so changing banks/firms won't help you any.

Either way it is still dumb, money launderers aren't going to state they get their funds from the Cartel and law abiding people shouldn't have to disclose information they do not want to. Reminds me of gun legislation, screw with law abiding people while criminals criminal.

As someone who supervises the review of hundreds of millions of transactions and customers a year, all information collected is used for pattern detection and as data points in machine learning algorithms. Sure they don't put cartel but many sources trigger additional scrutiny based on past known laundered transactions

I have the most problems with pissing my customers off by having to document all transactions in asset accounts for a mortgage loan. It drives customers crazy when they are wheeler dealers. It's the Patriot Act which has a goal of not letting illegal money be used.

Think about the old dad giving down payment funds to his kid and I need HIS bank statements. Terrorists and criminals don't buy homes with my loans. Terrorists rent since they plan to kill themselves and crooks pay cash.