Why are we asking you to update your client information?
Your safety and trust are paramount to us. We do everything we can to make sure that you feel confident as a client of Saxo Markets, including protecting you and the bank from financial crime exposure.
As a financial institution we are required by law to have established policies and measures to prevent any potential financial crime abuse. These measures are applied both when new clients join us, and throughout a client relationship.
What do we want to know?
To protect our clients’ funds against financial crime, we need to know who our clients are and how they intend to use our services. We therefore sometimes need to ask you to update your client information and potentially supply supporting documents, e.g. to verify your source of funds and wealth.
The kind of documentation needed varies depending on your type of client relationship and your personal circumstances. Depending on the documents and information we receive from you, we might need to contact you via email or phone for additional information.
By helping us keep your information up to date, you help protect yourself and other clients against any exposure to financial crime.
What happens if you don’t answer?
If we’re not able to update your information, it may affect how you can use our services in the future, ultimately putting your account on reduced exposure (meaning that you will be unable to open new positions) or terminating the account.
How will we use your information?
We use the information we receive to get a better knowledge of our clients and a better understanding of the client relationship. This enables us to make sure that we provide you with the right products and services. It also helps us safeguard your economic interests against exposure to financial crime.
How often will we ask these questions?
Applicable regulatory regulation requires us and other financial institutions to maintain and update all client information throughout the client relationship to make our services as secure as possible. We will update your information if we are aware that your personal circumstances have changed, and otherwise at regular intervals.
Do we ask all our clients?
Yes. When we start a new relationship with a client we need to get to know them which means asking for their personal details and documents. We also check and update this information during our relationship, no matter who the client is, or how long they have been with us.
How do we protect your personal data?
The success of our business depends on our ability to maintain the trust of our clients. Your data is stored and kept confidential according to the legislation on protection of personal data. To find out more about the type of information we gather, what we do with it and how you can correct or modify the information you entrust us with, please see our privacy policy.
How will we contact you?
Depending on the documents and information we receive, we might need to contact you for additional information. This might be through email, or a phone call.
Can we help you?
We’d like to make this process as smooth as possible for you. If you do have any questions regarding this process, please don’t hesitate to contact clientrenewal@saxobank.com.