New Anti-Money Laundering Legislation
From 1 July 2018 the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 extended its application to now include law firms.
As a result we are now subject to a comprehensive compliance regime which includes an obligation to obtain, verify and maintain information, including identification, in respect of new and existing clients.
As part of that process we are required to carry out what is known as Customer Due Diligence. To do that we will need to obtain from prospective clients their full names, date of birth and address.
To verify this information we will be required to sight documents related to your identity. In the case of companies and trusts similar information will be required in respect of persons associated with them.
We may also need to ask you specific questions in relation to the transactions so that we can be satisfied that the transaction does not comprise what is known as a “Suspicious Transaction Activity”.
Compliance is required at the outset and until we have achieved compliance we will be unable to commence work for you.
Set out below is a list of what we will require from you if we will be acting in relation to what is known as a Restricted Activity which includes a property transaction (including sales purchases and refinancing), the sale and purchase of the business, financing in relation to a business and formation of a trust or company.
To assist us with this process please email to us or have available for at the meeting:
1. your full name
2. your date of birth
3. your residential address
4. your passport
if you do not have a passport then as an alternative your driver’s licence and either a copy of any of a credit card, a recent bank statement or a SuperGold card.