Identity Verification

When establishing a business relationship, it is required to identify the client and verify the client’s identity and residency based on documents, data and information obtained from a reliable and independent source.

A client must not be onboarded until the information and documentation provided are thoroughly verified and deemed accurate and complete. If the client's identity cannot be verified and the due diligence measures outlined in the subsequent sections cannot be fulfilled, establishing or maintaining a client relationship is not permissible. In such instances, the onboarding must be discontinued.

The Saxo Group is required to identify and verify the identity of private clients, as well as all parties acting on behalf of a client as legal representatives. This includes, but is not limited to, legal guardians and POA holders. Client due diligence must also be conducted for both individuals involved in a joint account.

Client identification means ascertaining the identity of a person based on the personal and personalized unique information directly related to the person. Verification of the identity of the client must be done via an independent and reliable source and always take place before the establishment of a client relationship, and thus before the client deposits any funds in an account with the Saxo Group.

The identity verification requires the collection of a valid Proof of Identity (POI). Please view the following article highlighting the POI requirements.

As a rule, all Saxo clients are required to provide the following for identification purposes:

• Proof of Identity (POI)
• Proof of Residence (POR). Within the Saxo Group, during the onboarding, client’s Country of Residence (COR) is determined based on the POR documentation obtained directly from the client or through alternative methods. These alternative methods include: (i) electronic address matching solutions, or (ii) POR verification based on relevant information, such as IP address, country code, TIN number, etc.