Due Diligence Requirements
Due Diligence for New Clients at Saxo Bank
Saxo Bank is required to comply with
Danish regulations to prevent money laundering and terrorist financing as outlined in EU-directive 2005/60/EC and the FATF (Financial Action Task Force on Money Laundering).
Saxo Bank 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