SIE practice questionmediumFINRA and Account Opening Rules
Which must be obtained by a broker-dealer before opening a securities account for an individual?
- ACustomer's name, address, and date of birth✓ Correct answer
- BCustomer's tax bracket
- CCustomer's employer’s financial statements
- DA signed loan agreement
Explanation
Why A — Customer's name, address, and date of birth
FINRA requires obtaining identifying information to help prevent fraud and comply with anti-money laundering rules. Tax bracket and employer information are not required. A loan agreement is only for margin accounts.
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