Seamless Institutional Onboarding

eToroX Team
October, 2020

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

Professional traders signing up to eToroX must 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 20 business days, and clients are assisted each step of the way by a dedicated team.

Introductions

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. This is followed by a quick questionnaire for clients 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 contents of the questionnaire 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 are required to email the onboarding team the official documents needed to satisfy the demands of the corporate KYC process:

  • Companyโ€™s structure chart
  • Certificate of Incorporation
  • Certificate of Good Standing
  • Memorandum and articles of association
  • Certificate of Incumbency
  • Register of Directors
  • Register of Shareholders/Members
  • Proof of Company Address (official doc bank govt, utility bill)
  • Signatory List of the Company
  • Proof of Address (individual)
  • Proof of Identity (individual)
  • Bank Statement
  • Source of Funds/wealth
  • Board Resolution appointing Authorised Signatories
  • Minutes of the Board Of Resolution (approving opening a trading account with eToroX)
  • Financial Statements
  • eToroX Corporate Account Client Questionnaire
  • Fatca/CRS Form
  • W8BEN-E Form/W8BEN Form

 

For Partnerships, Trusts, or Foundations

  • Partnership Agreement
  • Trust Deed

 

Deed of Retirement/Appointment

Any Deed with regards to any changes within the company or trust, i.e Certificate of Change of Name
On receipt, documents will be reviewed by the KYC team to confirm the accuracy of company records, and verify the legitimacy of all credentials. Registration information, names, addresses and past financial transactions will be investigated to identify fake business entities and shell companies.

Once verified by the KYC team, documents will be passed to the Money Laundering Reporting Officer (MLRO) to ensure compliance with AML regulations. The compliance officer will determine the client risk level according to the information provided, paying particular attention to the industry.

All individuals that are determined to have Ultimate Beneficial Ownership will be subject to personal AML/KYC checks.

At any stage, the KYC team may revert to the client to request more details or documentation. The confidentiality and security of client data is 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 by creating an account and uploading proof of identity and proof of address. Shortly afterwards, the account will be approved as a fully verified corporate account, giving full access to the eToroX exchange.

At each stage of the onboarding process, the dedicated onboarding team are available to help if any problems arise.

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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