Why We Use Restrictions
Restrictions are essential for maintaining compliance with legal and regulatory requirements, ensuring the security of accounts, and managing risk. Restrictions help us address issues such as expired documentation, legal orders, and suspicious activities. By applying these restrictions, we protect both the client and the integrity of the financial system.
Kindly remember that a client can have multiple restrictions in place, and it is therefore essential to always monitor the restrictions across your clients and view individual clients to hold an updated overview.
Restrictions can be lifted depending on the restriction type. Below you will find each restriction including what appropriate actions are needed for handling the restriction.
Restriction types
By understanding and managing these restrictions, you can ensure a smooth and compliant trading experience on our platform. For further assistance, please contact our support team.
| Type | Reason | Appropriate Action | Who to contact via Case Management |
| Ongoing Due Diligence Expired | A restriction is applied because the renewal process was not completed on time. Please submit the necessary documents to lift the restriction. | Conduct renewal of client. | Private and Joint client; Existing private and joint and for Corporate; Existing corporate clients |
| LEI Code Expired | The restriction is due to an expired LEI code. An active LEI code is required for Corporate & Institutional clients to maintain trading access. | Renew LEI code and submit it to Saxo via Case Management. | Existing corporate clients |
| Bankruptcy | A restriction is based on a legal authority or court order due to bankruptcy, following the laws of the relevant jurisdiction. | Ensure to supply appropriate documentation to support Saxo in termination of client. | Client Service |
| Deceased | A restriction is applied due to the client's deceased status. The legal process will determine the lifting of the restriction by Saxo’s legal/compliance team. | Ensure to supply appropriate documentation to support Saxo in termination of client. | Client Service |
| Frozen Account | Restriction is due to an authority or court order request. | Await conclusion from authority or court order. | Client Service |
| Frozen Account with Review Required | A restriction is based on an authority or court order, with withdrawals for living expenses. | Await conclusion from authority or court order. | Client Service |
| Frozen Account with Trading Allowed | A restriction allows trading but is based on an authority or court order request. | Await conclusion from authority or court order. | Client Service |
| Frozen Account with Trading Allowed and Review Required | A restriction allows trading and withdrawals for living expenses, based on an authority or court order. | Await conclusion from authority or court order. | Client Service |
| Investigation of Suspicious Transaction | A restriction is due to suspected money laundering or market abuse activities. | Await conclusion from investigation | Private and Joint client; Existing private and joint and for Corporate; Existing corporate clients |
| ITI Funding Limit Breached | A restriction is applied if the funding limit is breached and the Source Of Funds approval date is not received. | Conduct renewal of client | Private and Joint client; Existing private and joint and for Corporate; Existing corporate clients |
| Minor Turn Eighteen | A restriction is applied when a client reaches the legal age. | Conduct renewal of client | Private and Joint client; Existing private and joint and for Corporate; Existing corporate clients |
| LEI Code Expired with Cash Enabled | A restriction is due to an expired LEI code, but cash transfers are allowed. | Renew LEI code and submit to Saxo via Case Management | Existing corporate clients |
| Transfer IN Restriction for Tax Wrapper Account | A restriction is in place during the account transfer process for a Tax Wrapper account. | Await handling of transfer | Security transfers – partners of Saxo or Security transfers – Nordic partners |
| Transfer IN Restriction for PEA/PEA-PME Account | A restriction is applied while awaiting account summary and during the transfer in process for French Tax wrappers accounts. | Await handling of transfer | Security transfers – partners of Saxo or Security transfers – Nordic partners |
| Transfer IN Restriction for Pension Account | A restriction is in place awaiting an advisory note during the pension account transfer in process. | Await handling of transfer | Security transfers – partners of Saxo or Security transfers – Nordic partners |
| Transfer Out Restriction for Tax Wrapper | A restriction is applied when the transfer out process is initiated for a Tax Wrapper account. | Await handling of transfer | Security transfers – partners of Saxo or Security transfers – Nordic partners |
| Transfer Out Restriction for Pension Account | A restriction is applied when the transfer out process is initiated for a Pension account. | Await handling of transfer | Security transfers – partners of Saxo or Security transfers – Nordic partners |
| Duplicate Check for DK-ASK Account | A restriction is applied to validate duplicate DK-ASK accounts from Euronext Securities Copenhagen. | Await duplicate check | Client Service |
| Deceased Restriction for Tax Wrapper Account | The restriction is due to a deceased case for a Tax Wrapper account. The legal process will determine the lifting of the restriction. | Ensure to supply appropriate documentation to support Saxo in termination of client. | Client Service |
| Deceased Restriction for Pension Account | A restriction is due to a deceased case for a Pension account. The legal process will determine the lifting of the restriction. | Ensure to supply appropriate documentation to support Saxo in termination of client. | Client Service |
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