Dear partner,
We are in full preparation to carefully migrate your book of business later this year to SaxoPartnerConnect, Saxo’s platform for independent asset managers and financial advisors. Next to that, we aim to adhere to the highest standards of regulatory compliance. In order to fulfil our regulatory obligations, we are also focusing on the ongoing due diligence (ODD) and where applicable enhanced due diligence (EDD) on your clients before the migration to Saxo Bank and SaxoPartnerConnect.
Ongoing due diligence in the new Saxo environment
The ODD processes for your end-customers will be initiated in the new Saxo environment in the next few months and this will require attention from your staff as well as from ours. Therefore, we have upgraded our KYC teams and IT systems. Also, we are releasing our client renewal module to provide a strong digital online ODD service.
The first group of independent asset managers (IAM’s) will start the ODD as soon as possible. If you are part of this group you will be informed, allowing you to prepare on your end. The project may be intensive for IAM’s managing many end-customer accounts.
Migration to SaxoPartnerConnect
Once the client renewal in the new Saxo environment is well progressed, we will start migrating your end-customers cash and securities and enable your trading on SaxoPartnerConnect.
As a result of the postponed migration, you will experience even more powerful features available from day one including the client onboarding module. We invite you to learn more about onboarding of end-customers in the Saxo environment in the help centre.
More information on migration timelines will be provided over the summer. In the meantime, please get more familiar with key platform features and the migration process via our help centre.
Operational stability and delivery of core services
We recognize the importance of stability and reliability of services. Yet, the exceptional trading activity and growth is still affecting our customer service teams and IT systems, as is the continued integration and alignment of business operating procedures between legacy BinckBank and Saxo Bank.
We are constantly further optimizing procedures to ensure we live up to our promises and standards to you and your clients in terms of the delivery of core services such as payments, share transfers and corporate actions.
If you have questions, please do not hesitate to send an email to your primary contact.
Best regards,
Saxo Bank