Due Diligence
Due Diligence Requirements
We are subject to the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007. We are required to obtain satisfactory evidence of your identity as soon as practicable and are obliged to make certain reports to the authorities under those statutory provisions.
Current International Anti-Money Laundering regulations and Know-Your-Client best practice make it essential that we have the following items and information in respect of each and every Beneficial Owner, Director and Shareholder of a Company we provide. Certain Jurisdictions may require even more information than is requested here and it is important to remember that both local and global rules change on a regular basis and so variations on the requested information are likely and may occur without further notice.
It is permissible to have another company as stated Beneficial Owner of the new Company, but we must then also have stated to us the particulars of that other company, as the Beneficial Owners of a Company are always, ultimately, individuals.
In order to minimise any delays and reduce the inconvenience of collating the necessary information, the following schedule sets out our current minimum requirements. We do reserve the right to request additional information should we deem it necessary at any time.
Type of Beneficial Owner 1 |
Client Due Diligence (“CDD”)/Information required 2 |
|---|---|
| Individual | Proof of Identity 1 Proof of residential address 2 Professional Reference Letter 3 |
| Private Company | Certificate of Incorporation Memorandum and Articles of Association (or equivalent) Register of Directors Register of Shareholders CDD on any shareholders |
| Public (Listed) Company | Listing certificate CDD on at least two directors as per ‘individual’ Board resolution establishing offshore entity 4 |
| Trust / Foundation Trust / Foundation | Deed and ancillary documents CDD on Trustees as per ‘Type’ CDD on Settlor as Individual List of beneficiaries if not disclosed in Trust Documents (CDD may be requested on some or all beneficiaries) |
| Partnership / Partnership Agreement | CDD on Partners Partners’ resolution establishing offshore entity 4 |
| Other entity | Please contact us for guidance |
NOTES
All documentation provided as copies should be certified as a true copy – see Guidelines for
Certification below. Alternative documents not specifically listed should be pre-approved by us.
1. Acceptable forms of proof of identity are:
- Valid Passport
- Driving license (if contains photograph of individual)
- National ID Card
- Armed Forces ID Card
For all Passports / Identity Documents please ensure the following:
- The document is valid and shows the issue and expiry dates
- The photograph is clear and all features are visible
- The page showing signature is included
- The place of issue and passport number details are included and are clearly legible
- Nationality details are included
2. Acceptable forms of proof of residential address are:
- Valid, full driving license (unless provided as proof of identity already)
- Utility Bill (e.g. Gas, Water, Electricity, etc – we cannot accept a mobile telephone bill)
- Television License
- Home / Motor Insurance Policy Document or Certificate
- Bank / Building Society / Credit Card Statement from recognised Financial Institution (our
- discretion is final)
- Council Tax or Rates Bill
Any third party documentation must be from a recognized / verifiable provider and must not be more than three months old
3. Professional references.
We are obliged to obtain a reference from a professional (lawyer, accountant, bank manager, etc) who may be contacted at a later time. The references should include, at the least, the following wording and must appear on the professional’s letter-headed paper:
‘I/we confirm that I/we have known Mr/Mrs/Miss/Ms………………………………….. for ……………
years and can confirm that he/she is a real and proper person and one I/we believe suitable to
operate a company registered in [insert jurisdiction of choice] ………………………………. as well as
any related bank accounts. We confirm his/her bona fides and his/her usual residential address
as being the following:-
4. An extract of Board / Partner meeting minutes is acceptable if certified as a true extract by a director or the Company Secretary.
GUIDELINES FOR CERTIFICATION REQUIREMENTS
Who can certify your documentation?
An independent lawyer / accountant, a bank manager, Commissioner of Oaths, Notary Public, Justice of the Peace / member of the judiciary or a British Embassy official.
What wording should the certification include?
- ‘A certified true copy of the original document’
- The certifier must use an official stamp quoting company name and address
- Sign and clearly print their name
- Date the certification
- Indicate their position or official capacity on the copied document
- Include the name of the regulating body of the certifier if applicable, (ACCA, Law Society, FSA, etc)
- Include their registration number issued by the regulating body (if applicable)