At the beginning of any transaction, it is imperative that every client provides their photo ID and proof of address. This may be seen as a laborious task but it is to ensure that we comply with money laundering regulations set by the Government as part of wider European Union regulations.
Acceptable photo ID can be in the form of a passport or photo driving licence. Proof of address documents can be a utility bill, council tax bill or bank statement which is less than three months old. It is crucial to verify a person’s ID as it confirms who a person says they are and provides evidence of their current residence. ID can be presented in its original form or can be certified by a Solicitor, Bank Manager or an Accountant. The person certifying will need to be governed by a professional body and covered under the money laundering regulations. A person certifying a document will essentially confirm it is a true copy of the original, sign, stamp and add their name, address and job title onto the document.
If a client is instructing from a distance or lives abroad, then we require a couple of extra documents to the ones detailed above. We would require a Solicitor, Bank Manager or an Accountant who resides in the country the client is living, to confirm they know the client and their overseas home or work address. For distant clients, we will also carry out an electronic verification check.
Finally, for any funds that are being used like savings, bonds or shares, we will require to see proof of the funds in the form of a bank statement which clearly shows the person’s name and account details. This shows how the monies have been sourced.
Once the identification process is completed, we can progress swiftly with the transaction. The money laundering regulations play a key function in any transaction when money or assets are involved, and like any other business involving finance, it will continue to be monitored throughout a transaction.
Lastly, where a third party such as a relative is gifting monies to a client, then the individual(s) providing the gift will be expected to provide their certified ID, proof of address and bank statement showing the monies in their bank account, or if the monies have already been transferred to the client, details of the transferred payment.
To arrange or discuss ID requirements, please get in touch on 01625 523988 or firstname.lastname@example.org