KYC Procedure

A company applying as a Non Clearing Member at ECC has to pass the KYC (Know-Your-Customer) process at ECC. He needs to provide a signed and completed KYC questionnaire if requested by ECC. Additionally the following documents are required:

  • Commercial registry extract (no older than 3 months) in original
  • Financial statements from the last fiscal year. If no financial statement is available, business plan of the business activity for the next 3 years
  • Powers of attorney of the legal representative and the corresponding passport copy (scanned color copy)
  • Organizational chart explaining the shareholder/ownership' structure, up to the Ultimate Parent level as well as the direct and indirect beneficial owners.

Based on the information given in the KYC questionnaire, the accompanying documents and other information (e.g. Internet, Reuters) ECC calculates a score. Based on this score the applicant is assigned to a risk category which will decide whether to accept or refuse the company’s application.

In case the NCM notifies any material change according to ECC Clearing Conditions section 2.2.3 ECC might request an updated KYC Questionnaire.

KYC Process - Overview