Anti-Money Laundering

On-line checks to quickly meet your obligations for individuals and companies.

Checking Entities Who are not Private Individuals

A customer that is not a private individual can come in many forms such as a public authority, limited company or a charity.  All customer types come with their own unique risks. The level of due diligence, defined by your risk based approach, will need to reflect this.

The factors which make up an entity’s identity can differ depending on the type of entity, it will include the type of entity and its legal and organisational structure. In general, you will want to determine the full name of the organisation, if it is a registered company or organisation its registered number, country of incorporation and business address, details of the contact that you are dealing with and names of the beneficial owners should also be gathered.

For simplified due diligence you only need to identify the business and may except this information directly from the clients.  Steps should be taken to verify the factors that make the customer fall in to the simplified due diligence catagory, such as being FCA registered.

Standard due diligence requires the gathering of further information so that you can understand the customer you are taking on. Select the relevant section on the left for information regarding the specific entity type.

All entities also need to be checked to ensure that they are not subject to financial sanctions and this extends further to any companies identified during the due diligence process as being a parent or subsidiary company. In addition, any individual who is identified as a beneficial owner or having controlling influence on an entity should be checked against financial sanctions and a list of Politically Exposed Persons.

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