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
Requirements for Private Clients
To confirm their identity, new clients must provide the following documentation to Saxo Bank 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 client's name
- an issue or expiry date
- the client’s tax identification number OR place and date of birth
- the client's signature
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.
Residency and Tax Liability Form
(only for EU citizens living outside the EU)
For EU citizens living outside the EU, a Residency and Tax Liability Form, issued by the tax authority in the country of residency is recommended.
Failure to submit such a form will result in the client being registered as a resident of the EU country that issued the client's official ID.