Due Diligence Requirements
Due Diligence for New Clients at Saxo Capital Markets
Saxo Capital Markets is required to comply with
the MAS Notice SFA 04-N02 on Prevention of Money Laundering and Countering the Financing of Terrorism and the related guidelines.
Saxo Capital Markets is therefore obliged to apply stringent due diligence measures whenever a new client applies for an account, which must at least include:
- Identifying the customer and verify identity based on documents, data or information obtained from a reliable and independent source
- Identifying the beneficial owners where applicable
- Obtaining information on the intended purpose and nature of the business relationship
- Monitoring the ongoing business relationship, including the transactions made, ensuring that documents, data and information held are kept up-to-date
Requirements for Corporate Clients
Saxo Capital Markets shall obtain the following information from a potential corporate client:
- Full name of the client, including any aliases used
- Unique identification number (such as company incorporation number, business registration number, or tax reference number)
- Registered and/or business number
- Contact telephone number(s)
- Date of incorporation or registration
- Place of incorporation or registration
- Identity of all the directors of the Company i.e. certified proof of identity and proof of residency. All individuals signing on behalf of the company must also be identified.
Documentation Required from Corporate Clients
Corporate clients must provide the following documentation to Saxo Capital Markets as part of their account application:
Transcript from the local Commerce and Companies Agency
The certificate of incorporation or an equivalent document, confirming that the company is officially registered in the country of residency.
Signed Articles of Association (or the equivalent)
These documents describe how the company is managed and operated in different countries, and are also known as “Articles of Association”, “Constitution”, “Bylaws”, “Operating Agreement”.
Documentation on signature authority on behalf of the corporation
This may be stated in the Articles of Association or in the transcript from the Commerce and Companies Agency. Otherwise we require a copy of the minutes from board meeting or similar defining the signatory rights.
Language Letter
(if corporate documents are in another language than Danish or English)
The language letter certifies in English that the company is a registered company, describes the charter of the company according to the Articles of Association and the signatory authority.
The language letter can be drafted by Saxo Capital Markets and must be authorized by the corporation's lawyer.
License (if applicable)
If funds to be deposited are not the proprietary funds of the corporation and are held on behalf of clients, then the corporation must submit a copy of the license authorizing it to hold such client funds.
The license must be in English or it must be possible to verify the license on the issuing authority's website (in English).
Proof of identity
A copy of an international passport or other official state ID. The submitted ID must be valid and contain:
- the full name of the client, including any aliases used
- unique identification number
- place and date of birth
- an issue or expiry date
- the client's signature
If the ID provided does not contain a sample signature, the client must sign a copy of the ID in the presence of one representative of Client Service & Operations or Legal & Compliance, or 2 other representatives of Saxo Capital Markets.
Proof of residency
Documentation confirming their registered address which may be a copy of a:
- national ID card
- driver's license
- national health card
- bank statement
- utility bill (including: gas, water, electricity, land line phone, oil, Internet and cable TV connections)
The documentation must be valid and bank statements and utility bills must be issued within the last 6 months.
Beneficial Owners
Saxo Capital Markets shall inquire if there exist any beneficial owner in relation to a client (where applicable). Where there is one or more beneficial owner(s) in relation to a client, Saxo Capital Markets shall take reasonable measures to obtain sufficient information to identify the beneficial owner(s).