Anti-Money Laundering initiatives at Saxo

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.