Financial Information requirements

As a regulated financial institution, Saxo is required to gain an understanding of the source of funds and source of wealth of its customers.

Source of funds refers to the origin of the funds involved in a business relationship (i.e. the funds deposited into the Saxo account). It includes the activity that generated the funds used in the business relationship.

Source of wealth refers to the origin of the client’s total wealth, not necessarily limited to the funds transferred into the Saxo account.

During the onboarding, Saxo is therefore required to collect information about the client’s current occupation, employment details and investment expectations. This information can include:

• Annual salary
• Employer name
• Occupation (title and/or role)
• Field of employment
• Source of income (for example, savings from salary, inheritance, etc.)
• Intend to invest
• Investable assets
• Net Worth

In certain instances, Saxo is required to also collect Source of Funds (SOF) documentation to corroborate the information provided by the client. The type of SOF documentation can vary depending on the source of income. Please find the full list of SOF documentation and requirements here. 

In order to ensure a smoother onboarding process, in addition to the requested source of funds documentation, it is recommended to provide supportive explanations to help Saxo in forming a full picture of the client’s financial situation and avoid additional questions. In general, the supporting explanation should cover:

• The time the source of income was received,
• How the source of income was acquired,
• If this originated in the past, explanation about the flow of funds tracing back to the original funds.

Please note 

In case of multiple client relationships with Saxo, the same source of income might not be sufficient to justify the activity of multiple accounts.