| name | finra-4512-customer-account |
| title | FINRA Rule 4512 — Customer Account Information |
| description | Drafts FINRA Rule 4512-compliant customer account records for broker-dealers. Use when onboarding customers, updating account information, or preparing for regulatory examinations. Triggers on requests involving customer account documentation, CIP/AML obligations, trusted contact designations, suitability profiling, or SEC Rule 17a-3 recordkeeping in broker-dealer contexts. |
| author | CaseMark |
| author_url | https://github.com/CaseMark/skills/tree/main/skills/legal/finra-4512-customer-account |
| license | Apache-2.0 |
| version | 0.1.0 |
| execution_mode | open |
| jurisdiction | us |
| practice | securities |
| language | en |
| tags | ["checklist","drafting","regulatory"] |
FINRA Rule 4512 — Customer Account Information
Produces an examination-ready account record satisfying Rule 4512 mandatory/recommended data elements, suitability profiling, and supervisory sign-off.
Prerequisites
- Government-issued photo ID (license, passport, state ID)
- Tax ID — SSN (individual), EIN (entity), or TIN (trust/estate)
- Account type determined (individual, joint, custodial, corporate, trust)
- Intended trading authorizations (cash, margin, options level)
- Supervisory principal available for sign-off
Workflow
1. Customer Identification (Mandatory)
| Field | Notes |
|---|
| Full legal name | As on government ID; include suffix (Jr., Sr., II) |
| Physical residential address | No P.O. boxes (CIP requirement) |
| Date of birth | Age of majority varies by state (18/19/21); custodial if minor |
| Tax ID | SSN/EIN/TIN; obtain within 30 days if unavailable at opening |
| Phone, mobile, email | Note preferred contact; e-delivery consent date if applicable |
Custodial (UGMA/UTMA): Document minor's info AND custodian's identity, relationship, and authority basis.
2. Trusted Contact Person (Rule 4512(a)(1)(E))
Must be offered; strongly recommended for customers age 65+.
If designated — collect: full legal name, relationship, mailing address, phone (primary + mobile), email, designation date.
Scope: Trusted contact has NO account authority. Firm may contact only to: confirm contact info, confirm identity of guardian/trustee/POA holder, or address financial exploitation/diminished capacity concerns.
If declined: Document declination and date; note ability to add later.
3. Employment & Affiliation Disclosures
| Situation | Action |
|---|
| Securities industry employee (BD, RIA, exchange) | Document employer, position, licenses; arrange duplicate confirms/statements |
| Director/officer/≥10% shareholder of public company | Document company, ticker, position; monitor Section 16/blackout compliance |
| Customer or household member affiliated with FINRA member | Obtain prior written employer consent (Rule 3210); send duplicate confirms |
