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 Private Clients
To confirm their identity, new clients must provide the following documentation to Saxo Capital Markets as part of their account application:
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.