21st Jan. 2021
Account Opening Requirements Policy
This policy is provided to you by TradeDirect365 (Pty) Ltd (‘TD365’), a juristic representative of Trade Nation Financial (Pty) Ltd. Before TD365 can approve an application, it must have verified the identity of the applicant, otherwise known as completing Know Your Customer (KYC). Anti-Money Laundering and CounterTerrorism Financing Legislation Rules (published by FIC) requires that we identify
clients and other persons.
The level of KYC we perform on each applicant is dependent on the risk profile of that client. The risk profile is assessed using 4 parameters:
1. Country of origin of the client.
2. The type of client.
3. The type of service provided.
4. The methods by which the service is delivered.
The type of service we provide (3) is set as the Financial Services under our FSP (No 49846). The method by which we deliver this service (4) is currently set as we only settle through a UK authorised deposit-taking institution, Barclays bank in London. For retail clients the type of client (2) is set, which leaves Country of origin (1) as the means by which we determine the level of KYC that is needed.
The Country of origin risk level is ascertained with reference to the FATF guidelines and reconsidered on a quarterly basis in line with FATF’s quarterly reports.
The document requirements per risk category are as follows:
One item from List A to verify photographic identity against full date of birth and a document to verify name against current residential address. If the document provided from List A details both date of birth and address, it will be sufficient. If not, a separate document is required from either List A or B. A scanned coloured copy or a photo taken by a smartphone will be acceptable.
One item from List A to verify photographic identity against full date of birth and another item from either List A or B, which verifies the current residential address, as entered on the account application. A scanned coloured copy or a photo taken by a smartphone will be acceptable.
One item from List A to verify photographic identity against full date of birth and another item from either List A or B, which verifies either the photographic identity against full date of birth or the current residential address, as entered on the account application. In addition, we require either a bank statement or bank account confirmation letter which provided the applicants’ name residential address and bank account number. A scanned copy or a photo taken by a smartphone of the certified documents will be acceptable.
Acceptable Documents are as Follows:
List A – All of Which Must not have Expired
• Driver’s Licence.
• National Identity Card.
• Other Government issued photo ID.
List B – Dated Within the Last Three Months
• Utility Bill (For the avoidance of doubt PDFs printed from the internet are fine).
• Notice of assessment issued by the taxation authority.
• Other documentary proof of address issued by a public body, including local council.
• Bank or Credit Card statement.
All the above documents need to be dated within the past 3 months.
Applicants with PO BOX Addresses
If an applicant has entered a PO Box address on the application form, we need to ascertain the underlying residential address by receiving one of the following:
• A certified copy of the agreement with the Post Office, showing both the residential address and PO Box address.
• Or a utility bill showing both the residential address and the PO Box address.
• Or in a case where the accommodation is provided by an employer, we need to be provided with a letter confirming employment, residential address, and the link to the PO Box.