Our Firm
CIP Notice
CUSTOMER IDENTIFICATION PROGRAM NOTICE 4-7-2010
Important Information You Need to Know About Opening a New Account
To help the U. S. government fight the funding of terrorism and money laundering activities, Federal Law requires financial institutions to obtain, verify, and record information that identifies each person who opens an account.
This Notice answers some questions about Ladenburg Thalmann & Co’s Customer Identification Program.
What types of information will I need to provide?
When you open an account, Ladenburg Thalmann salespeople are required to collect information of the account holder such as the following:
- Your name
- Your Date of Birth
- Your legal home address
- Identification numbers, 1- Social Security number AND 2- Drivers License number & state or passport number
- You will also need to send to us a copy of documentary identification within 30 days:
- For a U.S. Citizen: A current copy of your Drivers license with photograph or passport.
- For a Non-U.S. Citizen: Unexpired Passport number with your photo and country, unexpired alien identification card number or unexpired government-issued identification showing nationality, residence and photograph of you.
- For a corporation, partnership, trust or other legal entity the following information is required:
- Its principal place of business or local office,
- Employer identification number,
- Certified articles of incorporation, a partnership agreement or sole proprietor document or other government issued business license that includes the names and signature of officers OR Beneficial owners
- A letter on company letterhead stating the names of any other authorized individuals that can act or trade on behalf of the company.
- A full copy of a trust instrument or agreement, including the investment powers and trustee signature pages
U.S. department of the Treasury through FinCen, Securities and Exchange Commission (SEC), FINRA and the Patriot Act 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. You may also be asked whether you act as an agent for or on behalf of another person or entity. You may also be asked to provide information about a trust’s structure, the provider of the trust or those that have control over the funds or assets.
What happens if I don’t provide the information requested or my identity can’t be verified?
Ladenburg Thalmann may not be able to open an account or carry out transactions for you. If Ladenburg has already opened an account for you, they may have to close it.
LTCO will not do business with, and will take steps to prevent direct or indirect relationships with or open accounts for these Specified Banks(Latvian, Syrian, and Lebanese Banks), including a onetime notice to all of its accountholders that the account with LTCO may not be used to provide these Specified Banks access to financial institutions.
Approved by Robert C. Mateicka
Chief Compliance Officer
