Silent rejection and lack of transparency
AMP Futures’ onboarding communication was very poor. I opened an individual account smoothly, which is the only reason I’m giving 2 stars. But when I applied for a corporate account, the experience was completely different. After submitting the application, I received no clear updates, no explanation and no proactive communication. A few days later, I simply noticed the application had been rejected. No reason was given. Their chatbot couldn’t explain it and told me to email onboarding separately. It later turned out that AMP currently doesn’t support corporate accounts where the company is partially owned by a Russian citizen. In my case, some shares are held by my Russian wife. I understand brokers need strict compliance, AML and sanctions controls. But Russian citizenship alone is not the same as being sanctioned. If AMP applies a blanket policy excluding companies with any Russian shareholder, that should be made clear upfront before people waste time applying. The issue is not just the policy. It’s the lack of transparency, the silent rejection and the poor communication. A waste of time, but a useful lesson.