Saxo aims to adhere to the highest standards of regulatory compliance. To fulfil regulatory obligations, Saxo Bank reviews CDD data using ongoing due diligence (ODD), and where applicable, enhanced due diligence (EDD).
Depending on the outcomes of previous reviews, clients are placed under a risk category of Low, Medium or High. Saxo Bank then performs ODD within the following timeframes:
- Private and corporate clients in the Low category: once every five years
- Private and corporate clients in the Medium category: once every three years
- Private and corporate clients in the High category: once a year
The ODD processes for your end-customers takes place in the client renewal module within SaxoPartnerConnect. Learn all about the client renewal module in our step-by-step guide. Also, check out our online videos:
In addition, an ad hoc EDD review can take place. These additional reviews can occur for many reasons, including transactions, account monitoring, relocation notices or media attention.
A CDD review can lead to an adjustment of the risk category (and required updates to any associated documentation) or, in extreme cases, to termination of the relationship with the client. You can read more about CDD reviews in Saxo’s CDD policy and in this article.