Anti-Money Laundering initiatives at Saxo
We protect our clients and promote social responsibility
The Saxo Group takes our duty towards social responsibility very seriously and upholds the Danish Bankers Association’s code of conduct to combat financial crime.
We put ethics above profit
We do not accept clients that do not live up to our standards regardless of earnings. We aim to go beyond simply complying with the letter of the law. Our policies, processes and practices reflect the spirit and intent of the law as well.
Our company culture keeps us focused
Preventing money laundering and terrorist financing is embedded in the way Saxo Group operates, through our culture, education and communication. We encourage all employees to take individual and collective responsibility against financial crime. We take into account non-financial considerations when we employ, promote, and remunerate.
Management is actively involved
Management sets the tone from the top with clear expectations that filter through the entire organisation. Compliance with rules and regulations, including against financial crime and terrorist financing, is anchored in the foundation of the Group’s strategy execution plan and defined by specifically outlined objectives and priorities.
We collaborate with all stakeholders, including the authorities
We work constructively with our partners (correspondent banks and liquidity providers) to counter money laundering and financial crime. We report suspicious activity to the authorities and we work collaboratively with the relevant authorities. We are transparent in our measures to counter financial crime and terrorist financing.
Saxo Group’s AML policy
Saxo Group is committed to high standards within financial crime compliance. It is a priority across the entire Group to stay focused on the risks, prevent regulation breaches and avoid facilitating clients or transactions involved in financial crime.
The Board of Directors sets fundamental financial crime standards across the Saxo Group in the Group AML Policy and in the Group Risk Appetite Statement.
To be confident that the Saxo Group complies with AML regulations, the Group adheres to the three lines of defence governance model.
The three lines of defence model ensures effective risk management and creates a clear division of responsibilities between the different functions within the Group.
First line of defence: The different business entities have the primary responsibility in establishing, complying with and enforcing measures to reduce the Group’s risk of money laundering and terrorist financing.
Second line of defence: The compliance functions control and assess the adequacy and effectiveness of the measures and procedures put in place to comply with rules and regulations, as well as the actions taken to address any deficiencies in Saxo Group’s compliance.
Third line of defence: Independently, Internal Audit evaluates whether the measures are adequate and that they work as intended.
Findings and recommendations from Compliance and Internal Audit must be prioritised and handled within a reasonable timeframe.
When we onboard clients, we are required to ask questions and collect documentation before opening their account in accordance with KYC policies (Know Your Client). From this, we can build an accurate picture of our client’s identity and understand how they intend to use our services. This is an important aspect in combatting financial crime which is in the clients’, society’s and Saxo Group’s best interest.
We ask a wide range of questions, covering employment, salary and the clients’ source of wealth. We are also required to update and confirm our information on an ongoing basis. The more we know about our clients and their usual behaviour, the faster we can react if something looks odd or wrong.
The Group has also implemented a monitoring system, which detects unusual or suspicious transactions. All generated alerts are investigated and if the suspicion cannot be dismissed, the client is reported to the FIU following regulatory requirements.
Clients and transactions are screened against relevant lists such as sanctions lists.
All relevant employees must on an annual basis participate in different training programmes, including completing our AML training. The employee must pass a test to complete the course.
All employees, clients, vendors and all other stakeholders are encouraged to report concerns of misconduct or misbehaviour of Saxo Group. All reports are confidential and can be reported anonymously through an external body. Please see more here.
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Protecting your funds
Ensuring our clients’ funds are protected is of the utmost importance to us. When you make a deposit into a Saxo account, your money is guaranteed as:
- It’s safeguarded in at least one segregated account
- It’s protected by the Financial Services Compensation Scheme
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