After careful consideration, we have enhanced our verification and screening processes to include all users with access to trade on Saxo’s trading platforms.
Starting 1 July 2024, new requirements will be introduced for all partners adding or amending Authorised Dealers (ADLs) using Excel sheets.
The ADL Excel sheets have been expanded to collect additional personally identifiable information (PII) to enhance screening accuracy and aid in the identity verification processes – primarily gender and nationality. For our licensed and regulated partners, proof of identity (POI) is not needed for new ADLs. However, as part of our ongoing due diligence (ODD), POIs may be requested based on a risk assessment.
Initially, this requirement will only take effect for new ADL requests, but in parallel, Saxo is preparing a remediation exercise for existing users. We encourage our counterparts to proactively deactivate users that no longer serve a practical purpose.
The new sheets can be found here. Please note that the Excel sheet and the signatory page are combined into a single document. However, we still require you to submit both the electronic version of the sheet and a scanned copy of the signed version.
Important: When filling out the ADLs in the Excel file, always include all dealers who should receive or keep their access (i.e., include existing dealers). Every person not on the list will lose their access.
To add or amend dealers on your behalf or for a client, please create a case in the platform with the subject ‘Existing Corporate Client’ or send an email to institutional service with the title ‘P03 – Authorised Dealer Update’. We will strive to keep the turnaround time on ADL requests unaffected so you can effectively manage access to the accounts. To manage expectations, please expect a 48-hour turnaround for requests on your structure and a 72-hour processing time for end-client corporates. This allows us sufficient time to register, verify, screen, and set up users with necessary access permissions – along with POI verification where relevant.
The process for creating, updating, and managing authorised dealers via the User Administration tool remains unchanged for the time being. However, we are working on strengthening the process to include identity checks and screening of authorised dealers created via the User Administration Tool. You will be informed once we are ready to roll out the updated process. The current process for the User Administration tool can be found on the IAM help portal.
This update is part of our ongoing efforts to prevent identity theft, fraud, unauthorized access, and engagement in business activities with sanctioned entities. Identification of a hit on an ADL, such as political exposure (PEP) or sanctions, will influence Saxo’s evaluation of the potential risk a client may present in terms of financial crime. Similarly, if we are unable to verify an ADL's identity, we will require additional information to ensure proper authentication before enabling access.
By introducing automated screening, we can focus our efforts on more targeted renewal efforts, freeing up additional resources to service our partners and deliver innovative solutions.
Should you have any questions or concerns, please contact your account manager.
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