June 2024 Checklist of requirements for onboarding new direct corporate clients (SCM SG)

Corporate Onboarding requirements

In alignment with MAS regulations on the Prevention of Money Laundering and Countering the Financing of Terrorism, Saxo performs client due diligence for all new business relationships. This encompasses verifying the client identities, ascertaining the source of wealth and funds, and understanding the capital and ownership structure.

As part of Saxo’s Customer Due Diligence policy, we request that you provide certain information and supporting documents when opening an account. Our Onboarding team will contact you to clarify details or assist with the documentation.

Submit your online application HERE

We will be requesting for the information listed below in our online application form.  

• Fill in the LEI code, which can be obtained from the Chamber of Commerce. Please read this article  for more information about the LEI code requirement (issued vs expired) or register for the LEI code;
• Enter the NACE code, which can be found at the tax authorities or via the provided link
• Ensure that you declare your FATCA status correctly in the online application flow;
• We would require the full name, date of birth and nationality of the authorized board member(s) and the UBO(s) of the Legal entity;
• Detailed elaboration of the source of funds / wealth (kindly refer to next section) in order to verify the plausibility and mitigate the risk related to Financial Crime;
• Please kindly complete W8-BEN-E form 

Please prepare the following supporting documentation (non-exhaustive):

1. Certified true copy (CTC) of Certificate of Incorporation/ Bizfile (if SG incorporated)
2. CTC of Certificate of Incumbency / Bizfile (if SG incorporated)
3. CTC Signed Memorandum & Articles of Association
4. CTC of the following from ALL directors, shareholders, beneficial owners and authorized signatories:

• Singapore Citizens/PR - A copy of your NRIC (front & back) as both proof of identity and residency. Alternatively: Proof of Identity (POI) - Passport and signature pages
• Proof of Residency (POR) – for example latest bank statement or utility bill issued within 6 months (for a landline phone, internet, electricity, water, gas or TV subscription) in the names of the directors, shareholders and authorised signatories.

      5. Signature list / Board resolution specifying signature rules and specimen signatures

      6. Completed copies of the following forms:

• Authorized Dealer List and Cover Letter
• Board Resolution Template

       7. Certified true copies of the documents mentioned above must originate from qualified persons                 such as a Chartered Accountant / Certified Public Accountant (“CPA”), practising lawyers, or a                     notary public with the following details of the certifier:

• Name
• Signature
• Date (within 1 year)
• Designation/Licence number
• Website link or proof of licence for verification purposes

Source of Funds and Wealth

• The most recent audited financial statement of your entity.
• Source of Wealth form with supporting documents. Kindly refer to the next section for an overview of possible documents that may be obtained based on the applicable sources of income.

Requirements of Source of Wealth declarations

Source of wealth refers to the origin of the entire body of wealth. Saxo may ask for further supporting documents where necessary.

Below is an overview of (possible) documents to be provided during the onboarding process. Kindly note that this may vary based on the complexity of the cases, and this list is not exhaustive.

Need help?

Contact our Sales Team at +65 6303 7788 or email us at ps@saxomarkets.com.