Anti-Money Laundering

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

Company Listed on a Recognised Stock Exchange

Being a listed company, and therefore enabling the use of simplified due diligence, is not limited to regulated UK markets. This refers to companies listed on any recognised market which subjects companies to disclosure obligations meeting international standards and are equivalent to obligations in the EU.

Where the market is located within the EEA, if they are regulated under MiFID, there are no requirements to check the market meets these requirements. The steps taken to confirm the market status should be recorded.

Outside of the EEA, the steps taken to understand if the market meets the requirements to enable simplified due diligence to be used should be recorded.

Should the market not meet the required criteria then the process for a private unlisted company should be followed.

Below is the information you may wish to collect for a customer who is a listed company and is eligible for simplified due diligence.
 

Listed Company Information

  • Registered Name
  • Previous Names
  • Trading As

Understanding the name of your client including any previous or trading as names is important for obtaining a clear picture on you client.  This will also be useful should you need to undertake any further research.
 

  • Registered Address
  • Previous Address (if at current address for less than desired period)
  • Operational Address
  • Contact Address
  • Incorporation number
  • Date of incorporation
  • Country of incorporation
  • Entity Type
  • Nature of business
  • Listing Exchange
  • Contact name
  • Contact telephone number
  • Contact email address

Additional Information

  • Geographic Location

The location in which your client is living or working may be a factor in increasing the risk they bring. In some countries the approach to anti-money laundering and the prevention of bribery and corruption is not sufficiently enforced.  This could result in a potential for criminal funds to filter through your business.
 

  • Face to Face/Remote

The method in which a client is interacted with will adjust the associated risk. Having a relationship where a client is never met face to face is at higher risk for fraud and steps should be taken to minimise the risk.
 

  • Service Required

It may be that your business only provides a single core service and therefore the level of risk will be consistent.  However, where different product or services are offered you may wish to adapt the level of due diligence undertaken based on this risk.
 

Client Activity

  • Type of transactions
  • Volume
  • Value

Understanding what will be normal for your client will enable you to identify when something abnormal happens.  There may be a valid reason for changes in your client’s activity such as a significant increase in the amounts going through your business.  However, it could be an indicator to a change in the risk the client brings warranting a higher level of due diligence.

Beneficial owners do not need to be identified as simplified due diligence is applied.

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