ANTI MONEY LAUNDERING PROTECTION

UK law requires that all insolvency practitioners among other financial services professionals guard against possible money laundering (the process by which the proceeds of crime become 'clean'). The principal requirements are as follows.

Proof of Identity and Address - Personal Clients

We are required to obtain evidence of both your identity and your home address before we can do work for you or accept money on your behalf, other than in very limited circumstances. You will need to bring into the office one original document proving your name and one proving your address, so that we can take copies.

Appropriate proof of identity documents include a current, signed passport, or a full UK/EU Driving Licence (not an old style provisional licence), or a Benefit Book or original notification letter from the Benefits Agency confirming your rights to benefits.

Appropriate proof of address documents include your current UK driving licence (if not used for proof of name purposes), a recent utility bill (but not mobile phone bills), a current local authority tax bill or bank, building society or credit union statement or passbook showing your current address.

Exceptionally you can post us copies of documents. You should not post original documents. The copies need to have been checked by one or other of the following: (a UK lawyer, banker, financial advisor, accountant, teacher, doctor, minister of religion or post master/sub-post master or your employer). After checking the copy against the original document, they must write on the copies 'originals seen'. Ideally, they should also stamp the documents with their business stamp. They will also need to write their name, address and telephone number on the copy documents so that we can confirm the details of their checking with them.

Extra Proof of Identity and Address Requirements for Businesses

Unincorporated businesses or partnerships
We will need identity and address evidence for the individual partners or owners of the business, unless we already have this as a result of any personal instructions that you may have given us. We will also need two documents confirming the business trading address (normally a letterhead and a blank sale invoice or blank delivery docket).

Private Limited Companies
We will need identity and address evidence for the main directors and shareholders (unless we already have this following private instructions). As regards the company itself we rely on our own searches at Companies House. However, we will need confirmation of any changes in directors and shareholders compared with those recorded at Companies House. We will also need two documents confirming the business trading address (normally a letterhead and a blank sale invoice or blank delivery docket).

Payment of our bills
We do not accept payment by cash.

Source of payment
We may need to know early on which bank or other financial institution the funds you use to pay our fees will be coming from. We may have to ask you questions about how you acquired the funds in the first place. We appreciate that some personal questions can seem intrusive but we are under obligation to obtain information from you.

Our Obligation To Report Suspicions of Crime

If, during the course of our work, we become suspicious or aware that money with which you are involved comes from the proceeds of any crime (for example, from robbery, benefit or other fraud, or tax evasion), we shall be under a duty to make a report to appropriate authorities without letting you know. This obligation extends to any suspicion we have that anyone connected with your case is involved with any criminal activity - however minor.

Conclusion

If you have any questions about these procedures, please contact Peter O'Duffy of IP Services Ltd or email poduffy@ipservices.co.uk.