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:

  • Company House Act (Proof of Registration)
  • License ( Only for regulated bank or financial service provider)
  • Organizational Chart (Company Structure)
  • Audited Annual Report or Business Plan of the company, the main shareholder and Ultimate Parent

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