Funds Transfer Restrictions

INTRODUCTION

As part of its anti-money laundering efforts, IBKR implements restrictions on certain client deposits and withdrawals. These restrictions apply to transfers associated with countries considered to have elevated AML risk and consider factors such as the client’s residency, the withdrawal destination and the denomination of the currency being transferred.1 An outline of these restrictions is provided below.

 

OVERVIEW OF RESTRICTIONS

  • Clients residing or maintaining an address in a country designated as having elevated AML risk may not withdraw funds to an account located in another country that has elevated AML risk unless they also maintain an address in that country.
  • Clients residing or maintaining an address in a country designated as having elevated AML risk may not deposit funds from an account located in another country having elevated AML risk unless they also maintain an address in that country.
  • Clients residing or maintaining an address in a country designated as having elevated AML risk may only withdraw funds to an account from which that client received a first-party deposit.
  • Clients may only withdraw funds in their base currency, their home country’s currency or common currencies (e.g. USD, EUR, HKD, AUD, GBP, CHF, CAD, JPY and SGD).
  • IBKR may restrict the number of banks that a client may send money to, regardless of the domicile of the client or the bank.

Note that clients who attempt to create an online banking instruction or initiate a deposit or withdrawal which is restricted will be blocked from creating that instruction or initiating that transaction and will be presented with an online error message.

 

1In determining whether a country is associated with elevated AML risk, consideration is given to information provided by the Financial Action Task Force (FATF), an intergovernmental organization which promotes measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system and other public AML indices.