Where standard verification is undertaken with respect to a private company, the following “Client Information” will be requested from the Client contact (see Client contact):
Documentation (e.g. Company extract, or letter from solicitor) confirming the following details:
Company name
Registration number
Country of incorporation
Registered address
All directors (including nominees)
Any beneficial owners
Relationship to client (if not the client), e.g. subsidiary, parent
In addition, verification (see Client verification will be initiated with respect to:
any beneficial owners (see Beneficial owners); and
any individuals purporting to act on that private company’s behalf (see Individuals acting on behalf)
In the instance that a Private Company has 4 or more Directors, First AML will request a nomination of 2 Directors to be verified on behalf of the Private Company.
Where enhanced verification is undertaken with respect to a client that is a private company, the standard verification process (above) will be initiated with the following addition:
- Source of Wealth or Source of Funds (see Source of Wealth) for the client will be requested
Where simplified verification is undertaken with respect to a client that is a private company, the standard verification process (above) will be initiated with the following exception:
- client verification (see Client verification) will not be initiated with respect to any beneficial owners (see Beneficial owners)