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Customer Due Diligence

Customer Due Diligence

Eurex Clearing AG is legally required by the German Money Laundering Act and the EU Money Laundering Directive to conduct a due diligence process on its customers. As Clearing House and Credit Institution we have been conducting a KYC assessment as a part of our customer acceptance process as well as periodically during the ongoing business relationship on a risk-based approach. The high standards we have set herewith are helping us to maintain a high level of integrity and to mitigate customer compliance risk effectively. This is a benefit for our clients and us. On this website, we would like to provide you with current information about the required documentation that we request from our customers.

In order to minimize the administrative impact on our customers, the KYC Service Team has implemented the following steps:

  1. We are a member of the SWIFT KYC Registry. We are happy to utilize the relevant KYC files in the SWIFT network as soon as our customers have made the most recent documentation available there.
  2. Only documents that are not available at this stage will be requested from our customers directly by the KYC Service Team.

All KYC-related documents are reviewed by the KYC Service Team as soon as available. After an additional business assessment has been performed, our Compliance function will conduct the final assessment. We reserve the right to request further documentation if required. Please consider that questions may occur at any time during this process and colleagues of the KYC Service Team may reach out to you.

Letter of Consent

In order to simplify the KYC review for multiple business relations with Group Deutsche Börse (GDB) entities, we recommend submitting the “Letter of Consent”. The Letter of Consent enables entities of Deutsche Boerse Group to share KYC documents between group entities. This decreases the administrative burdens for our customers – e.g. a DC Market Participant of Eurex Clearing and a Eurex Trading Member will only have to provide the KYC documents once to Eurex Clearing AG rather than sending the documentation twice. The Letter of Consent is here availble: Letter of Consent.

Sanctions

Eurex Clearing is required to comply with all applicable laws and regulations, including economic or other sanctions. As a matter of policy, Eurex Clearing requires that all its clients fill in the Certification of Sanctions Compliance. Please provide complete and correct information in the DDQ tab Certification and sign-off. The signatures by the Head of Correspondent Banking and the Money Laundering Responsible Officer or equivalent functions are required. If you don’t screen against any of the sanctions lists mentioned in the DDQ, please provide a solid reasoning to the KYC team, which will be subject to review. If you have any further question, please contact the KYC team proactively.

Compliance Contacts

We send the automated document requests to the compliance contact that is maintained in our Member Section. If you have not yet registered a Compliance Contact in the Member Section, we kindly ask you to do so under the following path: www.eurexclearing.com > Member Section > Contacts > Compliance Contacts. If feasible in your organization, please indicate a group email address for the Compliance function in your company, so you do not have to update the entry when responsibilities in your company change.

 

Due Diligence Questionnaire (EDDQ or FCCQ)

Our DDQ is available as Excel file and consist of the following tabs:

  1. Customer Basic Information
  2. Ownership and Management
  3. DDQ
  4. Certification and Sign-off

Regarding the DDQ tab, we either request the Enhanced Due Diligence Questionnaire (EDDQ) from customers who are set up to perform client business in our system or the Financial Crime Compliance Questionnaire (FCCQ) from those for whom we have only set up accounts for proprietary positions.

The EDDQ tab is equivalent to the Wolfsberg CBDDQ version 1.2 from 2018, and the FCCQ tab equivalent to the Wolfsberg FCCQ V1.0 from 2018

Therefore, the EDDQ tab or FCCQ tab respectively can be replaced by the corresponding Wolfsberg Questionnaire. If you prefer to utilize a published Wolfsberg questionnaire for your organization, we kindly ask you to fill in the remaining three Excel tabs on Customer Basic Information, Ownership and Management and Certification and Sign-off. Please print the Certification and Sign-off sheet (printer settings are pre-fixed already), have it signed by the Head of Correspondent Banking and the Money Laundering Responsible officer or equivalent functions in your organization and send us a scan of the signed document.

Commercial Register Excerpt

As evidence that the Member firm is currently registered as an active legal person, please provide the most recent (six months or less) excerpt from the public register of companies or trade registry or the office of Secretary of State etc. of the relevant jurisdiction. It should be issued by the local authority which is in charge of company registrations or be downloadable from this authority’s website.

If an entry in the Register of Companies does not exist, corresponding evidence could be

  • a Certificate of Incorporation, if it was issued less than six months ago, or
  • provisions by law or in the articles of association applicable to the specific entity (e.g. for a central bank, the Central Bank Law of the respective jurisdiction).

Please provide this documentation as un editable electronic copy (in pdf format).

Business / Banking / Financial License

As evidence that the Member firm is licensed as a financial services provider and/or regulated or listed by the relevant authority or self-regulatory industry association according to the legal requirements of its jurisdiction, please provide an uneditable electronic copy (pdf) of the business license or evidence of supervision.

If your entity is established by a law or decree, please provide to us the proof of set up / establishment stating the respective legislative law, act or decree or an official document issued by the relevant governmental authority proving the set-up and supervision or a charter of public authorities (such as governmental decrees).

Annual Report / Financial Statements

Please provide an uneditable electronic copy (pdf) of the most recent audited Annual Report with Financial Statements on your company. If an Annual Report is not published for your company, please provide the most recent annual financial statements.

Articles of Association

Please provide the Memorandum and Articles of Incorporation / Articles of Association (or statutes or by-laws), Charta, or other document that governs your company and contains information on

  • business purpose and list of activities the entity is authorized to exercise
  • name of the regulator
  • responsibilities of directors or management
  • means by which the shareholders exercise control over the board of directors
  • details whether the entity is allowed to issue bearer shares (shares owned by whoever holds the physical paper/stock certificate)

Organizational Chart / Board of Directors

Please provide a visual representation on the management structure. It should contain:

  • the organs and organization structure
  • names of the members of the executive management and their responsibilities,
  • names of the members of the non-executive management (supervisory board or equivalent)
  • names and responsibilities of any other persons with key functions who may effectively manage and/or exercise control the activities of the company.

In many companies, an Orgchart that contains this information is already included in the audited Annual Report. If it represents the current state at time of submission, it should be used here.

Ownership & Shareholder Structure Chart

Please provide a visual representation of all significant shareholders, entities or governmental agencies owning or controlling directly or indirectly more than 10% of the company’s shares.

The ownership- and shareholder structure leads to the ultimate beneficial owner(s), i.e., a natural person who owns or controls directly or indirectly 25% or more of the entities shares, voting rights or exercises control by other means.

It is necessary to indicate the ownership or shareholding percentages with each connector in the chart.

In many companies, an ownership chart that contains this information is already included in the audited Annual Report. If this represents the current state at time of submission, it should be used here.

Board of Directors

Please provide the board of directors (or executive management - CEO, CFO, COO). Persons with key functions that may effectively manage and/or exercise control the activities of the company. 

Identification and verification of the Ultimate Beneficial Owners (UBO)

A copy of a valid passport / ID Card needs to be provided for all ultimate Beneficial Owners and other natural persons, where applicable. For the identification of Ultimate Beneficial Owners (natural persons) a copy of a valid Passport / ID Card is required which displays the following information:
Full name, place of birth, date of birth, citizenship, address of residence, nationality.

Authorized Signature List

The list of authorized signatures must clearly state that the listed persons are authorized to represent the company. The correct name of the signatory and a sample of the corresponding signature must be shown next to it. The list must include the signature policy of the company which means that the information if every signatory can sign solely or jointly is required. Additionally, the list must have been issued and signed by persons who are authorized to give the representation authorization to individuals.

 
 
 

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If you have any questions or require further information, please do not hesistate to contact us at: ecag.client-due-diligence@eurexclearing.com. 

 

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