Robinhood requests personal information including financial and tax identification information to comply with U.S. government laws and FINRA rules. We will request personal information from new customers as well as from customers who have had long-standing relationships with us.
Robinhood complies with an SEC customer identification rule of the USA Patriot Act of 2001. This rule requires Robinhood to put procedures in place to verify the identity of any person seeking to open an account and to maintain records of their information. Robinhood must also determine whether the customer appears on any lists of terrorist organizations provided to broker-dealers by any government agency.
That said, we take the security of all collected data very seriously. We do not intend to use this data for anything other than the fulfillment of our regulatory requirements.