The following Practice Compliance Q&A provides comprehensive and up to date legal information covering:
Evidence of identity can be obtained in a number of forms and come from a number of sources. Whatever evidence you rely on, it must cause you to be reasonably satisfied as to your client’s identity. The documentation you require from clients will depend on the nature of the client and your assessment of the risk they present to your business. This may involve accepting a range of documents, including the memoranda and articles.
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 are very specific in terms of what you must do in relation to companies. Where the client is a body corporate you must obtain and verify:
the name of the body corporate
its company number or other registration number
the address of its registered office, and if different, its principal place of business
You must also take reasonable measures to determine and verify:
the law to which the body corporate is subject, and its constitution (whether set out in its articles of association or other governing documents), and
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