Anti-Money Laundering Policy

To reduce the risk of fraudsters using clients’ names and addresses for money laundering purposes we have put in place procedures to enable us to identify our clients and check their addresses.

We need to do this as criminals target professionals such as solicitors as a way of “cleaning up” “dirty” money by introducing it through us into the banking system. Since 1994 all banks, building societies, lawyers and accountants and other businesses providing financial services have had to put in place procedures to make it more difficult for criminals and terrorists to launder money.

The rules and regulations concerning money laundering are extremely complex and have been made even more so following a number of high profile terrorist attacks in the US and the UK.

Before accepting instructions from new clients or new work from existing clients (where we have not already done so) we need to obtain proof of identity and address. The proof required depends on whether the client is an individual, a company, a partnership or a trust and the requirements are set out below.

For Individuals

Full new ‘credit card’ style driving licence with picture; or
Passport and one piece of address identification. This can be a utility bill, latest Council tax bill, telephone bill (but not mobile phone), bank statement, letter from HM Revenue & Customs or other official government body in each case not more than 3 months old.

For UK Companies

In respect of the Company:

• Certificate of Incorporation and any change of name certificate(s);
• The names and addresses of the directors;
• The name and address of the Company Secretary; and
• The names and addresses of the shareholders.

In respect of each director - the same information as for individuals

If there are more than 5 directors then we only need this information in respect of 3 of them including the director giving us instructions. If this applies then we can only accept instructions from a director who has provided this information so you may find it easier if they all comply now.

In respect of the shareholders:

• The same information as for directors ie passports and address identification; and
• Where a shareholder is a company we need the same information for that shareholder as the Company

The names and addresses of the beneficial owners if different from the shareholders and, if they hold 25% or more of the value, the same information as the shareholders.

For Non UK Companies

The same as for UK Companies plus we may require further local searches and opinions.

Partnerships

• Confirmation of the partnership name and when it was established.
• Details of its governing body if a professional partnership or otherwise regulated.
• The names and addresses of the partners
• For partners owning 25% or more of the equity – the same information as individuals

Trusts

• Confirmation of when the Trust was established and a copy of the constituting Trust Deed;
• The names and addresses of the trustees;
• The names and addresses of the beneficiaries;
• For beneficiaries entitled to 25% or more of the income or capital of the Trust the same information as individuals.

Any other entity: Please ask

Sometimes additional checks may be required and if so, we will let you know on an individual basis.

Money Laundering Regulations: Under the Proceeds of Crime Act 2002, the EU Directives on money laundering and the Money Laundering Regulations, we are obliged to report to the appropriate authorities any instances where we either know or suspect that a client or other party is engaged in money laundering activities or where there are reasonable grounds for knowing or suspecting that may be the case. In these circumstances it would be a criminal offence for us not to make the report to the authorities who may or may not take this matter further. In addition, it would also be a criminal offence for us to inform the client or other party that such a report was being made although we may, in some circumstances be permitted to advise the client after the lapse of a ‘reasonable’ time. Where we are under a statutory obligation to make money laundering report to the relevant authorities or to release information which would otherwise be confidential we shall be exempt from all professional and legal obligations of confidentiality to you as our client. We will not be responsible for any liability arising as a result of us complying with our obligations under the Money Laundering Regulations, the Proceeds of Crime Act 2002 or any other statutory obligations now or in the future.