Dear partner,
Ongoing due diligence for your end-customers – timelines
As communicated to you on 15 July or 29 July, we need to complete our ongoing due diligence (ODD) and /or enhanced due diligence (EDD) process for our mutual customers.
We are dependent on receiving all necessary client information from you in a timely matter to keep ensuring regulatory compliance for your firm and ours.
The timeline to complete ODD is 90 days from a new renewal being started in SaxoConnect and requiring your attention.
If there is no reasonable progress to support us in finalizing the process by providing additional information and documentation as per the KYC queries, there is a risk that you will be restricted from opening new positions for those end-customers nor will they be able to add funding to their account.
Kindly note that due to migration activities, SaxoConnect will not be available from Friday 26 August at 17:00 until Monday 29 August at 06:00 CET.
Ongoing due diligence for your firm - starting soon
In addition to the ongoing due diligence (ODD) process recently initiated for your end-customers, we are also required to ensure that our information on your organisation is up-to-date and compliant with the applicable law and directives and Saxo’s risk model.
What do we need from you
To help with your firm’s and Saxo’s regulatory compliance, we will soon request that you complete a Self-Declaration Form and provide any missing information and documentation, if applicable.
The account details to be up to date includes company share register, articles of association or company statute, list of authorized signatories and signing rules, proof of identity/residence for UBOs/Directors etc
As part of the ODD process, we retrieve and review documentation from public and private data sources or obtained from BinckBank’s systems.
Timeline
During August 2022, you will receive an email from Saxo Bank’s Institutional Onboarding & KYC team asking you to fill in your Self-Declaration form and to provide the documentation we are missing for your firm. We kindly ask you to respond as soon as possible to the request when received.
Migration to SaxoConnect – second group of partners
The first group of independent asset managers have been informed of their timeline for migration via email communication and conversations with your relationship manager.
Once completed, we will proceed to plan and execute the migration of the book of business for the second group of independent asset managers and financial advisors.
We will inform the second group of partners of the details of your migration process in September. Your migration is scheduled to be completed during Q4 2022.
In the meantime, you can familiarize yourself with Saxo Bank’s services, SaxoConnect, SaxoPortfolio or other aspects relating to the migration. Please visit our help centre or reach out to your primary contact.
Thank you for your support and collaboration
We want to thank you for your continued support through challenging times.
Best regards,
Saxo Bank
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