| This article details our client information updates and verification, which is a periodic process. The reasons why this is necessary are explained in this article Why is it important to update your client information? This process is conducted to ensure the security of your account. Hence, Saxo may need more documents, depending on the information you provide. The procedure is outlined below. |
This articles covers the following topics:
What is the process?
Saxo utilizes the following steps to verify your account:
Phase 1: You will receive an email linking to the form on the platform regarding updating your account details:
- SaxoTraderGO:
> Personal details > click Update account details
- SaxoInvestor:
Phase 2: If required, you may need to upload relevant documentation or answer questions, in which case you will receive an email and an in-platform notification linking to a form. You may be asked to provide additional documentation due to an incomplete submission or new requirements identified by Saxo during the review of your documentation, which necessitate further relevant documents.
When can I expect my documents to be processed?
Once received, the processing of your documentation can take up to 5 business days. Within this period, Saxo strives to review the submitted information and respond with an approval or a request for more documentation. However, there might be potential delays during busy periods.
How will I get notified?
You will be notified of the completion of this process via email and/or an in-platform notification.
What are the documentation requirements?
During this process, you will need to provide various types of documentation, which can include:
- Proof of identification (without watermark), such as:
- Passport
- National identity card
- Proof of residence, such as:
- National identity card
- Government issued insurance/medical card
- Bank account statement or utility bill
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Document requirements:
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Depending on the source of funds you declare, you will need to provide one or more of the following documents, such as:
- Bank statement
- Pay slips (no older than 3 months)
- Transaction report
- Latest annual tax return
- Pension stateme
- Dividends (Audited financial statements)
- Loan (loan agreement, loan provider source of funds)
- Real estate (copy of the tenancy agreement, copy of sales contract)
- In case of trading profits coming from another bank:
- Account statement
- Portfolio report
All documents must be valid and should not be older than 6 months.
Joint accounts
Do both account holders have to submit documents separately?
Yes.
The process for submitting documentation is the same as stated earlier. However, when it comes to joint accounts, it is important to note that both account holders of the account will receive a request to submit documentation. To complete the client details, update process, each account holder of the joint account must log in to their Saxo account individually to do so. This will also be the case if additional documents are required.
Both account holders must respond to both the initial request and to any subsequent requests for further documentation. The documentation could be specific to one or both account holders. However, an individual response is required from both account holders.
Possible restrictions
What are the restrictions I face if I do not submit my documents on time?
If Saxo does not receive the necessary documentation from you within the required timeframe, there might be restrictions imposed on your account. This means that while you will still be able to sell or reduce positions, you will not be able to buy or add funds to your account.
To avoid account restrictions, please carefully read what documentation Saxo is asking for and when it needs to be submitted.
How do restrictions get lifted?
Once you have responded to the request for additional information and it has been reviewed and approved by Saxo, only then will the restrictions be lifted.