How can I provide clarification of source of income?
The best way to send the information is through MyFXCM Upload Documentation. In MyFXCM Upload Documentation, select “Source of wealth and Source of funds” as the document type. This is the most secure method and will ensure the request gets to the right team for review in a timely manner.
Friedberg Direct appreciates how sensitive this information is. Feel free to mask details that are non-essential to this request. For example, any transactions not related to the source of wealth and source of funds can be masked.
Here are some documents that would verify the ongoing source of the funds and the ongoing source of wealth you use to trade your account at Friedberg Direct.
Good, acceptable examples:
Recent bank statement showing three months of income (with the name of the sender visible);
Quarterly investment portfolio statement for the most recent quarter;
Receipt or statement of a sale or transfer of real estate;
Financial statements for a corporate account.
Bank statement without identifying information (i.e. does not include client’s name/company name);
Bank statement over 6 months old; and
Statements that do not show the origin of funds (e.g. the customer has cash deposits, not direct/check deposit, therefore FXCM will still not be able to verify the funds’ origin).
The relationship between Friedberg Direct and FXCM was formed with the purpose to allow Canadian residents access to FXCM's suite of products, while maintaining their accounts with a regulated Canadian firm. All accounts are opened by and held with Friedberg Direct, a division of Friedberg Mercantile Group Ltd., a member of the Investment Industry Regulatory Organization of Canada (IIROC). Friedberg customer accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of coverage is available upon request or at www.cipf.ca.
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