Overview
The Terms and Conditions section on the Verification page asks you to declare three things. These are standard regulatory questions — please answer accurately and honestly.
This article explains each declaration and how to answer.
Step-by-step instructions
Follow the steps below to complete this process:
Declaration 1 — Real Beneficiary
- Question: "Are you the real beneficiary of this account?"
- Choose Yes if you are trading for yourself, with your own money, and you are the person who will benefit from any profits.
- Choose No, I am trading on behalf of someone else if you are managing another person's money — additional documentation may be required.
Declaration 2 — Politically Exposed Person (PEP)
- Question: "Are you a Politically Exposed Person (PEP)?"
- A PEP is a person who currently holds — or has held — a prominent public function.
- Examples include: head of state, senior politician, senior government official, senior judicial or military officer, senior executive of a state-owned enterprise, or senior official of an international organization.
- Immediate family members and close associates of any of the above are also considered PEPs.
- Choose Yes if any of these apply. Being a PEP does not disqualify you — it simply means additional due diligence is applied.
- Choose No if none of the above applies.
Declaration 3 — U.S. Citizenship
- Statement: "I hereby certify that I am not a U.S. citizen nor qualified for U.S. citizenship."
- You must tick this to proceed. INGOT SC LTD does not accept clients who are U.S. citizens or U.S. tax residents.
- If you are a U.S. citizen or hold U.S. citizenship qualification, do not proceed — contact our team via live chat for guidance.
Troubleshooting
If you run into issues, the most common causes and fixes are listed below.
You are unsure whether you qualify as a PEP
- If in doubt, choose Yes. Being a PEP does not disqualify you from opening an account — it simply triggers additional due diligence checks.
You cannot check the U.S. Citizenship declaration because you are a U.S. citizen
- Do not proceed with the verification. Contact Customer Experience via live chat for guidance.
You are managing someone else's account
- Answer No to the Real Beneficiary question and be prepared to provide additional documentation confirming your authority to manage the account on their behalf.
Frequently asked questions
Q: I opened this account for my spouse to use — am I the real beneficiary?
A: If your spouse will use the trading funds and receive the profits, they should open the account in their own name and answer Yes to the Real Beneficiary question. Contact Customer Experience if you have questions about the correct account setup.
Q: I am the family member of a politician — am I a PEP?
A: Immediate family members of PEPs are considered PEPs themselves. Choose Yes and be transparent — the team can then apply the correct due diligence.
Q: I have dual citizenship (including US) — can I still open an account?
A: No. If you hold U.S. citizenship or U.S. tax residency, INGOT SC LTD cannot accept your account. Please contact Customer Experience for guidance.
Related articles
- How to complete Individual Account Verification (KYC)
- Understanding Source of Income declaration
- Verification review times and how to check your status