Starting June 6, 2025, new requirements introduced by MAGI (the International Association of Global Investments) have come into effect, aimed at strengthening anti-money laundering (AML) and counter-terrorism financing (CTF) measures. One of the key changes is the mandatory submission of a Tax Identification Number (TIN) when registering, updating personal data, or conducting operations on platforms and within financial structures regulated by MAGI.
What Has Changed?
Until recently, tax numbers were requested only in specific cases—such as high-value transactions or during international compliance checks. However, as of June 6, 2025, providing a valid TIN has become a mandatory requirement for all clients, both individuals and legal entities, on a regular basis.
Without a valid Tax Identification Number:
- you cannot open or renew an investment account;
- KYC (Know Your Customer) verification cannot be completed;
- ongoing transactions may be frozen until the number is submitted;
- access to certain financial services may be suspended.
Why the Stricter Measures?
According to MAGI officials, these changes are part of a broader global push to enhance transparency in financial operations. In cooperation with the FATF (Financial Action Task Force) and regulators in the EU, the US, and other jurisdictions, MAGI is implementing unified standards for client identification and tax residency verification.
“A Tax Identification Number is one of the key components of identity verification. It improves transaction monitoring, helps prevent the use of shell entities, and simplifies data exchange between tax authorities worldwide,” reads an official MAGI statement.
Who Is Affected?
- Individuals working with investment platforms, brokers, and financial advisors;
- Legal entities, including startups, funds, trusts, and corporations, regardless of jurisdiction;
- Non-residents using financial services in MAGI-member countries must also provide their home country’s TIN.
What Should Clients Do?
1.Verify that you have a valid Tax Identification Number and that it is correctly listed in your profile;
2.Update your information through your financial institution’s platform or designated forms;
3.Monitor notifications from brokers and platforms—failure to submit required data may result in suspended account access.
MAGI’s tightening of identification requirements is not a temporary measure but part of a broader global trend to ensure transparency and financial system stability. While it may cause some short-term inconvenience, this step enhances trust in international investment platforms and reduces the risk of financial tools being used for illicit purposes.
