Discuss Broker Dealer Compliance?

[Whitesnake]

Not sure of this particular regulatory body, but i feel that once the money is lost, there is least that could be done. But trying from our end is certainly a must.

 

[galsurf]

Hi,

I just tried to contact the auditor: "thomas services holdings ltd" but my email did not get through... Said that their website and email adress did not longer exist. I sent it to: servicerequests@thomasservices.com.au

 

[fixor007]

Hello !.... So..... What should we think about i2 ?? seems to be another scam .... Moreover, the way to withdraw funds is weird... a PDF Form you have to fill in manually and scan to send them back... a broker dealer compliance which, it seems, only regulate i2.... maybe I am wrong, but too risky... and i know that I am a little bit paranoid, but giving them personnal documents such as an identity card copy and personnal adress ... i wouldnot like my identity to be used to open offshore accounts or things like that... But I may be wrong... hahahaha

 

[downtrend]

Hello !.... So..... What should we think about i2 ?? seems to be another scam .... Moreover, the way to withdraw funds is weird... a PDF Form you have to fill in manually and scan to send them back... a broker dealer compliance which, it seems, only regulate i2.... maybe I am wrong, but too risky... and i know that I am a little bit paranoid, but giving them personnal documents such as an identity card copy and personnal adress ... i wouldnot like my identity to be used to open offshore accounts or things like that... But I may be wrong... hahahaha

There is not a brokerage, bank, or financial company on the platform that will send transfers internationally without some form / pdf and your ID Documents. I would be much more worried if a company didn't ask for this. Come on

 

[downtrend]

And no it's not a scam. Scam companies always have lots of complaints from clients you can easily find here on FPA, etc.

 

[fixor007]

Yes I know that any broker would ask for ID Documents... but I am not feeling easy with this one... I mean, their regulator (BDC) is completly unknown... and their website doest allow to know, except i2 investments, what are the others brokers they regulate...
And I found this thread :
https://www.forexpeacearmy.com/community/threads/iiinvestments-com.49299/

But on the other hand, that's true that no one make complaints about them... but as some people say... wait and see... I prefer to keep away for the moment...

 

[Forex Gump]

Hi Downtrend. I got a message from Pharaoh telling me to send you this message, as I have sent you some conversations without replies.... "please check your private conversations for a message from me".

Thanks mate. Hope to hear from you soon. Cheers.

 

[El Jefe]

Guys, are you all season traders? do you all have money passing through borders? Cross borders I meant... bcos from what I know, anti-money laundering act requires an organization to fulfill their KYC policy and that includes the standard ID verification and especially a verified proof of address affiliation. Otherwise, no go... would you seriously contend your depository or banking licenses for a few thousands or a couple of million? I don't think so... Wake up guys... from the root to the fruit, I can smell it a mile away and here we got seasoned players still hoping and wanting... you guys crack me up...

 

[Pharaoh]

I used to be certain that all brokers should be getting a ton of documentation. Then again, when I opened my accounts with US brokers, I didn't have to provide nearly as much as offshore brokers want. Also, the FBI and CFTC have warned that many offshore brokers, especially binary brokers are requiring excessive identifying documents and that some have already been engaged in ID theft.

This leaves me no longer certain of the exact dividing line between properly identifying a customer vs gathering excessive information for possible misuse.

Anyone outside the UK have an account directly with an FCA regulated broker (not passported from Cyprus)? Reports from a few such brokers should give a more solid determination of what constitutes reasonable KYC info for AML purposes.

 

[freemoney147]

Hi everyone. I'm new to this forum but came across it while doing some due diligence for a potential investment in I2 Investments. I decided that the company itself seems too good to be true, which means it usually is, so contacted them and asked for company registration details, regulatory status and registration, audited accounts etc. I got an email back saying "we're fully regulated by BDC" and they have various entities that verify their results. None of the other information I asked for was provided or is available on their website etc. Very unusual.

As this thread is about BCD though I will keep my comments to that point alone. This is in fact enough for me to conclude this is very risky, this regulator is unverifiable and looks very unusual, so I won't go any further to determine the same for the other parties.

I have worked in the very tightly regulated offshore financial services for around 20 years now and know a lot of compliance and regulation in the sector. After a quick look at BDC there are a lot of red flags. I will list a few glaring ones;
- There is no address for BDC - where is it based? Where does it regulate? In what jurisdictions does it operate? Is it worldwide operating across huge international borders? Contact details are a contact form and an email address only.
- There is no regulatory news, information, guidance, stories of their operations or industry interactions. WHat do they do?
- No information on who runs it. Who is the controller? What are their qualifications?
- There is no registration information. Incorporation details or registration numbers.
- The website for BDC, as many here have pointed out, is searchable only. How do we know the entire database is a handful of entities, or even just 1 (the one we are looking for already)?
- And one that just made me laugh - in a section on warnings, where they advise not to deal with particular companies where complaints have been received, they don't say they've taken any action or such like, they provide a link to the homepage of the company itself!! Do they want me to sign up!!??

All in all it stinks. If this is the regulator the brokerage or financial services company is hanging their hat on, look no further and save your money.