Why does my broker require a photocopy of my ATM/banking/credit card?

Many of you have asked us why the broker or investing platform requires a photocopy of your ATM/banking/credit card (depending upon your country of residence.) This request may appear to be somewhat unorthodox and suspicious because if your card’s information was to fall into the hands of a fraudster, the results could be catastrophic. This is, however, a legitimate request from a broker.

Why is this step necessary?

Photocopying your ATM/banking card is a preventative measure to combat money laundering. Some brokers are required to adhere to this practice by the regulatory bodies (CySEC, AMF, ASIC, etc.) by asking customers for a copy of their Visa or Mastercard.

What precautions can be taken?

There is nothing stopping you from blacking out the credit card numbers. You can do this either by masking that part of your card when you scan it, or erase it with photo editing software.


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