Saxo Bank has several client acceptance and continuance controls in place to mitigate risks and comply with laws and regulations.
- Sanction lists
Saxo Bank will not open or maintain accounts for individuals or business entities that appear on international or national sanction lists. For this reason, Saxo’s client database is periodically checked against the World-Check database. Results are reviewed and reported internally. In accordance with laws and regulations, Saxo Bank may also be required to report results externally and/or to freeze client assets.
- Politically exposed person (PEP) designation
For all politically exposed persons (PEPs) (or direct family members or close associates thereof), enhanced customer due diligence is performed.
The PEP term includes the person who holds or has held a relevant function and persons connected to that person according to the below definitions. Foreign and domestic PEPs are treated equally.
Politically exposed person (PEP) means a natural person who is or who has been entrusted with prominent public functions and includes the following:
(a) Heads of State, heads of government, ministers and deputy or assistant ministers
(b) Members of parliament or of similar legislative bodies
(c) Members of the governing bodies of political parties
(d) Members of supreme courts, constitutional courts or other high-level judicial bodies whose decisions are not subject to further appeal, outside of exceptional circumstances
(e) Members of courts of auditors or central bank board members
(f) Ambassadors, chargés d'affaires and high-ranking officers in the armed forces
(g) Members of the administrative, management or supervisory bodies of State-owned enterprises
(h) Directors, deputy directors and members of the board or equivalent functions of an international organization
Direct family members include:
(a) The spouse, or a person considered to be equivalent to a spouse, of a politically exposed person
(b) The children of a politically exposed person and the children’s spouses, or persons considered to be equivalent to a spouse
(c) The parents of a politically exposed person
Close associates include:
(a) Natural persons who are known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations, with a politically exposed person
(b) Natural persons who have sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the de facto benefit of a politically exposed person
- VIS (Verification Information System) test
VIS is the register for stolen or missing identity documents. Saxo Bank performs a one-off check on the received copy of the client's identity document.
- Transfer and transaction monitoring
In accordance with laws and regulations, Saxo Bank is required to monitor transactions on client accounts. If the origin of an incoming payment cannot be adequately determined, Saxo Bank may refuse the payment. Saxo contacts you, the investment firm, with results from monitoring. Possible suspicious transactions are reported internally to the Saxo Bank board (or bodies designated by the board) and may be reported to Financial Intelligence Unit (FIU) Netherlands. More information about the Anti-Money Laundering (AML) policy can be obtained from the Institutional Services Desk.
- EVA (Externe Verwijzing Applicatie) test
Saxo Bank conducts an EVA test, which determines whether a person is registered for a fraud case or other criminal activity that poses a threat to the continuity and/or integrity of Saxo Bank.