Seamless Institutional Onboarding

Your comfort and ease of onboarding is our main goal, and we do everything in our power to ensure a smooth and successful transition. At each stage of the onboarding process, the dedicated onboarding team is available and ready to help or assist in any way we can.

While retail traders can sign up to crypto exchanges with just a passport scan and a selfie pic, institutional onboarding is more complex by design.

Professional traders signing up to eToroX are required to submit a range of documents to meet Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. This protects both parties from regulatory scrutiny and reputational risk.

The onboarding process takes approximately 25 business days, and clients are assisted each step of the way by our dedicated KYC team.

Introductionsย 

Before onboarding can begin, eToroX needs to get to know the applicant. In an introductory call, prospective clients speak to a dedicated representative from the Institutional Sales team to ensure that eToroX is a good fit for their needs. During this call the client will be asked to share company details; including the nature of the business, Ultimate Beneficial Ownership (UBO), country of incorporation, and motivation for opening a corporate account with eToroX.

If the client is found to be suitable, the application will be discussed at a pre-onboarding interview. On successful completion, the interview will be followed by an email inviting the client to move forward with onboarding.

Due diligence

With introductions out of the way, the next step is due diligence. Clients will be contacted by the dedicated KYC team and asked to complete our onboarding questionnaire and to provide us with supporting documentation which includes but is not limited to the following:

  • Companyโ€™s full structure chart
  • Certificate of Incorporation/Registration
  • Memorandum and articles of association
  • Register of Directors/Shareholders/Members
  • Proof of Identities/Addresses for all individuals
  • Minutes of the Board of Resolution (approving opening an account with eToroX)
  • Bank Statements to include proof of company address.
  • Source of Funds showing the companies incomings/outgoings.
  • Source of Wealth showing how the company acquired its funds.
  • Financial accounts from the previous year
  • CRS/Fatca Form
  • IRS forms (entity and individuals)

On receipt, documents will be reviewed by the KYC team to confirm the accuracy of company records and verify the legitimacy of all credentials. All individuals that are determined to have Ultimate Beneficial Ownership will be subject to personal AML/KYC checks.

Once verified by the KYC team, documents will be passed to the Money Laundering Reporting Officer (MLRO) and the Compliance Officer to ensure all AML and regulatory conditions are met according to the information provided.

At any stage, the KYC team may revert to the client to request more details or documentation. The confidentiality and security of client data are prioritized at all times.

Decision-making

Based on the documents provided, eToroX will make a decision to approve or reject the client.

If approved, the authorized representative of the company will be asked to onboard with eToro. Shortly afterward, the account will be approved as a fully verified corporate account, giving full access to the eToroX exchange.

Moving into the future, clients should be prepared to periodically resubmit documents in order to remain fully compliant with AML and KYC regulations.

 

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