The Restricted Accounts Report provides a list of client accounts that have been flagged with restrictions. Restrictions may limit or prevent certain account activities such as withdrawals, deposits, or trading. Regularly reviewing this report helps ensure that client accounts remain fully operational and compliant with regulatory or internal requirements.
What is a Restricted Account ?
A restricted account is a client account that has been flagged due to outstanding issues or missing documentation. Restrictions are typically placed as a safeguard until compliance, legal, or administrative requirements are fulfilled. Common reasons for restrictions include missing KYC documentation, pending ID verification, expired tax forms (e.g., W-8BEN, W-8BEN-E), or other unresolved account issues.
Why Clients Appear on this Report
Clients appear on the Restricted Accounts Report when their accounts have been flagged due to unresolved compliance, documentation, or operational issues. Common reasons include missing KYC forms, incomplete identity verification, expired tax documents (such as W-8BEN or W-8BEN-E forms), or outstanding account updates. Restrictions are applied to ensure regulatory compliance and protect both the firm and the client until these issues are resolved.
How this Impacts Clients
When an account is marked as restricted, clients may be unable to perform key account activities such as making contributions, processing withdrawals, or executing trades. This can delay the client’s ability to act on investment decisions, transfer funds, or meet financial objectives. Promptly addressing the restriction ensures that clients regain full access to account functionality and avoid disruptions to their financial plans.
How to Access the Restricted Accounts Report
To access the Restricted Accounts Report:
- Log in to the CRM portal.
- From the left navigation menu, click CRM > Accounts.
- On the account’s index page, you can access the report as a saved view by clicking +Add view to the right of the tabs on the index page, and selecting the Restricted Accounts Report from the dropdown.
The filtered report will show all accounts currently flagged as restricted.
Best Practices
- Review the Restricted Accounts Report on a regular basis (weekly or monthly).
- Communicate with clients promptly to collect any missing documentation or signatures.
- Track outstanding restricted accounts to ensure timely resolution and avoid client service delays.