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CFC financial services, what the hell?
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Impunity
#1 Posted : Monday, January 17, 2011 3:20:27 PM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
Wanted to operate a CDS account with them today but they pissed me off.

Why do they need my recent bank statement plus water/stima bill?

Does this mean a hawker and Wanjiku cannot trade in shares at CFC brokerage wing?

I will remain with Ekwete until mother notice.

Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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My 2 cents
#2 Posted : Monday, January 17, 2011 3:26:16 PM
Rank: Veteran

Joined: 6/2/2010
Posts: 1,090
It is actually a requirement for all brokers to ask all their clients to furnish these documents. A KYC (Know Your Customer) requirement.

It is an attempt to further clean up our entire stock broking shenanigans.

The bourse has previously been used by shady characters to launder money.

Don't hate on CFSFC for doing their job. All brokers should actually be doing this.
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bartum
#3 Posted : Monday, January 17, 2011 3:26:19 PM
Rank: Veteran

Joined: 8/11/2010
Posts: 1,011
Location: nairobi
just trying minimisising money laundering
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qw25041985
#4 Posted : Monday, January 17, 2011 3:42:28 PM
Rank: User

Joined: 5/9/2010
Posts: 1,418
Location: Nai
i was really pissd off also by the amount of documents they ask...kwani is it a job application....and to add to that its not that they give any different advice (if they give at all) from the other brokers.If they did all the wazuas w/ cds a/c there wld be racking in money abnormally..This KYC thing they are really taking it tooooooo far..
Your future depends on your dreams so go to sleep !
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bird_man
#5 Posted : Monday, January 17, 2011 3:56:00 PM
Rank: Veteran

Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
KYC ni lazima!I'm surprised you would complain about your broker doing their job.I also don't think they allow or deny you membership based on how much you earn.They are only interested in commissions.
Formally employed people often live their employers' dream & forget about their own.
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kenmac
#6 Posted : Monday, January 17, 2011 4:36:36 PM
Rank: Elder

Joined: 5/26/2009
Posts: 1,793
ITS FOR THE SECURITY OF YOUR SECURITIES........I EVEN DREW A MAP OF WHERE I STAY
......Ecclesiastes
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githundi
#7 Posted : Monday, January 17, 2011 5:36:02 PM
Rank: Veteran

Joined: 11/19/2010
Posts: 1,308
Location: nairobi metropolitan
kenmac wrote:
ITS FOR THE SECURITY OF YOUR SECURITIES........I EVEN DREW A MAP OF WHERE I STAY

Any credible broker/or bank usually ask for them for 2 main reasons 1. Anti-money laundering and 2. Prevention of fraud by impersonation. If you have money, and your a/c is in those banks that don't have this kind of global standards documentation, then chances are you might wake up to find your a/c empty. If your a/c has < 100k, don't worry nobody is going to take a risk to steal; the reason why Equity thrives despite less stringent documentation.
Democracy does not belong to the dead
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kyt
#8 Posted : Monday, January 17, 2011 6:27:21 PM
Rank: Elder

Joined: 11/7/2007
Posts: 2,182
kenmac wrote:
ITS FOR THE SECURITY OF YOUR SECURITIES........I EVEN DREW A MAP OF WHERE I STAY

hiyo ni kali
LOVE WHAT YOU DO, DO WHAT YOU LOVE.
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Gatheuzi
#9 Posted : Monday, January 17, 2011 7:39:06 PM
Rank: Veteran

Joined: 8/16/2009
Posts: 994
I also drew a kamap.Good 4 me so no complaining.
Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
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erifloss
#10 Posted : Monday, January 17, 2011 8:13:41 PM
Rank: Member

Joined: 6/21/2010
Posts: 514
Location: Nairobi
Impersonation & Money laundering just ask D&B what happened when they started online trading without this info.
'They say money cannot buy me happiness but when i compare when i had none and now, i'm happier' Kevin O'leary
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