ANTI MONEY LAUNDERING REGULATIONS

 

UK law requires that all insolvency practitioners, amongst 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 - Directors / Controlling Shareholders / Partners

We are required to obtain evidence of both your identity and your home address before we can do work for you or accept money from you or 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 verify your likeness and create and certify copies. Acceptable documents are listed as follows:

List A – identity.

  • Current signed passport

  • EEA member state identity card (please note that UK National Identity cards are no longer  valid as proof of identity for anti-money laundering purposes)

  • Residence permit issued by the Home Office to EEA Nationals on sight of their own country’s passport

  • Current EEA or UK photo-card driving licence or a blue disabled driver’s pass

  • Current full UK driving licence (old version) – old style provisional licences will not be accepted

  • Original notification letter from the Department for Work and Pensions (DWP) confirming rights to benefits*

  • Self-Employed in the Construction Industry – current photographic registration cards for individuals and partnerships CIS4, CIS4(P), CIS4(T) and CIS6

  • HM Revenue & Customs tax notification * – not a P45 or P60 form

  • Current shotgun or firearms certificate

List B –home address

  • Current electricity, gas, landline telephone, or water/sewerage bill*

  • Local Authority Council tax bill (current year)

  • Current UK driving licence (old full licence or new photo-card licence) if not used for evidence of name (old style provisional licences will not be accepted)

  • Current EEA Member State identity card (if not used for evidence of name (please note that UK National Identity cards are no longer valid as proof of address for anti-money laundering purposes)

  • Bank, Building Society, Credit Card or Credit Union statements or Building Society passbook containing your address*

  • Most recent mortgage statement from a recognised lender

  • Current local council rent card or tenancy agreement

  • Original notification letter from the Department for Work and Pensions (DWP) confirming rights to benefits (if not used for evidence of name)*

  • HM Revenue & Customs communications addressed to the applicant at the applicant’s stated address (provided HM Revenue & Customs tax notifications have not been used for evidence of name).  Not a P45 or P60 form*

  • Current house or motor insurance certificate

  *The document must be dated within the last 3 months.

 

Very exceptionally and only by prior arrangement you can send us copies of documents. You should not send original documents. The copies need to have been checked by one or other of the following: (a UK lawyer, banker, financial advisor, accountant, Tax Consultant, teacher, doctor, minister of religion, post master/sub-post master or your employer). After checking the copy against the original document, they must write on the copies 'I certify this to be a true copy of the original document'. 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. 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. 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 cash payments.

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 questions can seem intrusive but we are under a legal obligation to obtain information from you.

Our Obligation To Report Suspicions of  Financial /Asset 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.

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

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IP Services Ltd also trading as IP Services
Registered in England and Wales number 03602204
Directors: Peter O'Duffy FCCA; Mary O'Duffy BEd

Peter O'Duffy is licensed to act as an insolvency practitioner in the United Kingdom by the Insolvency Practioners' Association (www.insolvency-practitioners.org.uk)
Trading Address & Registered Office: 9 Woodhill Road, Portishead, BS20 7EU
V.A.T. Registration No: 728812614