Local Onboarding Deviations

Saxo Bank Netherlands

Minor accounts

Saxo Bank Netherlands allows the account opening for minor applicants at the request of parents/guardians.

Eligibility:

• Only one minor contract per child is allowed. The account is opened in the minor’s name, which can be initiated by one of the two parents/guardian but requires signatures/authorization from both parents/guardians (except in case of separation or death of one of the legal representatives).

• Only the legal representative(s) of the minor are authorized to finance and manage the minor's account until they reach the age of majority. The transactions that can be carried out on account of the minor are limited to the products classified as "non-complex", which are considered, within the meaning of the applicable regulations, in particular: Stocks, bonds and other debt securities, including government and quasi-government bonds, government and public sector bonds; investment funds.

KYC requirements for the minor:

Saxo is required to collect the following information/documentation on the minor:

• Signed copy of the completed account opening form.
• Any government-issued id proof for the minor to establish the identity of the minor e.g., National Identity Card, Passport etc. If the minor does not have proof of identity, then family record book or birth certificate or other equivalent documentation would suffice.
• As an alternative to the birth certificate, the client can provide a BRP extract by logging in onto their local government and select the extract that reflects the child’s details.
• As a further alternative, and only on a risk-based approach, if it is not possible to obtain a BRP extract, the client can log in into this website with their DigiD. In the section Familie, the children are listed. A full screenshot from this page, preferably from PC/laptop (not from mobile phone) and with high quality, can be used as a POI document for the minor. 

KYC requirements for the legal representatives:

Since the legal representatives have control over the minor account, they are subject to a complete KYC verification. For each representative, Saxo is required to collect:

• All legal guardian(s) must sign and complete the account opening document (unless divorced or deceased). In case of civil partnership or where the other parent/guardian does not wish to participate in the account opening process, we need details of the authorized legal representative. Still, the signature of both the parents/guardians is required on the consent in the application form to ensure that both legal guardians don’t have objections to the minor account opening.
• If legal representative(s) are separated or divorced, a copy of the judgment designating the holder of parental authority.
• Proof of identity document which can be a copy of a passport, identity card, or residence permit for all legal representative(s). (Driver’s License cannot be accepted as a valid ID document)
• Proof of registration/residence if they live abroad. 
• Livret de Famille or the judgement of curatorship or custody document, if the legal representative(s) are not parents to justify the guardianship.

Additionally, further information such as Source of Funds documentation can be requested as per section 3 of this document. 

Saxo Bank Belgium

Proof of Identity (POI)

• For Belgian residents with a Belgian nationality, the national ID card is the only valid POI document that clients can provide. Passports are not accepted in this case.

Proof of Residence (POR)

• The national ID card can be used as POR (provided it was not used as POI). The clients must provide both sides of the ID card.