Numbered Accounts and Customer Statements

What this video covers

• The FINRA rule prohibiting accounts carried in anyone's name other than the customer, plus the written, customer-signed ownership statement exception for numbered accounts
• Why legitimate numbered accounts protect privacy but are not anonymous under the Customer Identification Program (CIP) and anti-money laundering (AML) rules
• How to distinguish a legal numbered account from a fictitious or nominee account that hides the true beneficial owner
• Which customers must receive statements, what those statements must show, and why the regulatory minimum cadence is once every calendar quarter
• The four conditions for suspending quarterly statements on a delivery versus payment / receive versus payment (DVP/RVP) account, including written customer consent
• The difference between FINRA customer account information requirements and the SEC customer account record requirement, including representative signature and principal approval
• How address-change notices, previous-address delivery, and customer-record retention work, including the account life plus six years rule and two years of easy accessibility