Robinhood is required to perform anti-money laundering checks on new accounts in accordance with federal law. These processes exist to protect the U.S. markets from known money launderers, or individuals associated with terrorist activities.
This data, along with all your information, is transmitted securely using SSL encryption. Your bank login information, passwords, and any tokens are never cached or stored on our servers. After the bank linking process, Robinhood has no additional access to your bank account.
We also need to ask every new user if they’re employed by, or affiliated with, another securities firm, or in an executive position at a publicly-traded company in accordance with industry regulations. This helps to protect the U.S. markets from manipulation (like insider trading).
If you fit into any of the following categories, you need to obtain a written letter of approval from your compliance department before trading with your Robinhood account, in accordance with FINRA rules. The document should be written and signed by an authorized employee of your firm on company letterhead. The letter should explicitly grant you permission to open the account. Your firm may also request duplicate copies of your account statements and/or trade confirms.