The purpose of this article is to assist our clients in understanding what information is required to verify an Incorporated Society or Club.
Clubs and Societies can take various forms such as sporting clubs, social clubs and spans to other interest groups such as yacht clubs, motorcycle enthusiasts clubs, etc. The type of entity the club/society is will determine the required customer due diligence that needs to be conducted. Clubs and societies can also be incorporated as a form of protection for it's members, but this is not a legal requirement. For the purpose of this article we will be focusing on Incorporated Clubs/Societies.
In order to verify the identity of the club the following information is required:
- Name of Club or Society
- Legal status, purpose and registration number (if applicable)
- Principal or registered office address
- Copy of constitutional documents
- Rules held or Financials
- Documents to confirm the beneficial owners of the club or society (Directors, officers, trustees)
- If enhanced Customer Due Dilligence is being conducted, then source of wealth/funds for the entity will need to be obtained
Our analyst team will obtain most of this information online via the companies office Incorporated Clubs/Societies page. Sometimes this information may not be up to date however, if this is the case a copy of the most recent AGM official minutes may be obtained in lieu, as this will aid in identifying who the current officers (Beneficial owners) are. For clubs and societies the beneficial owners may include;
- The president, secretary or treasurer
- Current committee or management team
- Other members with effective control of the club or society
Once the beneficial owners of the society/club have been determined, they will need to have their identities verified via the First AML process. Please note that we are only required to verify the identities of up to 4 of the beneficial owners, if there is more than 4 then the main contact will need to nominate 4 individuals to be verified.