From 1 October 2018 we are required to obtain more information from you. This is part of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT).
The purpose of this Act is to prevent money laundering or the financing of any terrorism. By requiring more information from you, we have more knowledge about the transactions we are undertaking on your behalf, and are able to ensure that we are not in breach of our requirements under the Act. If we have any suspicions we have an obligation to report this.
When we meet with you to discuss new legal matters we will require what is called "customer due diligence" (CDD) from you.
CDD requires us to undertake certain background checks before providing services to our clients. We must take reasonable steps to make sure the information we receive from clients is correct, and so we need to ask for documents that show this.
We will need to obtain and verify certain information from you to meet these legal requirements. This information includes:
To verify these details, documents such as your passport, driver’s licence or birth certificate, and documents that show your address, such as a current bank statement or utility bill will be required.
If you are seeing us about company or trust business, we will need information about the company or trust including the people associated with it (such as directors and shareholders, trustees and beneficiaries).
We may also need to ask you for further information. We will need to ask you about the nature and purpose of the proposed work you are asking us to do for you. Information confirming the source of funds for a transaction may also be necessary to meet the legal requirements.
If we are not able to obtain the required information from you, it is likely we will not be able to act for you.
Before we start working for you, we will let you know what information we need, and what documents you need to show us.
If you have any queries or concerns, please do not hesitate to contact us.