Summary


This article will outline how First AML verify Public Companies under Australian, New Zealand, and United Kingdom AML legislation. 


*ID&V = Identity Verification (Identify & Verify)




TABLE OF CONTENTS





Australia


Who do we verify?


Australian Public Companies trigger simplified due diligence. Under Australian legislation, we do not need to identify or verify any beneficial owner(s) of the company.




What do we verify?


  1. Name, company number, registered address
  2. Evidence of status e.g. Print out of stock exchange document, record stock code
  3. If the Publicly Listed Company is the ultimate shareholder/beneficial owner (and not the root entity) - Obtain information/documents such as the annual report to show the clear ownership between them.



Unlisted Public Companies are common in Australia. When verifying an unlisted public company, First AML will reach out to the case contact to confirm the shareholding arrangement.




New Zealand & United Kingdom


First AML will note how the entity qualifies for simplified CDD with reference to the specific legislation.


Who do we verify?


  1. ID&V all Acting on Behalf - Run a full identity check on the Individual/s Acting on Behalf. 

  2. Relationship of the AOB to the Root Entity - Collect a document that confirms their position/authority (E.g., Email Signature, Screenshot from Official Website/Annual Report)

  3. No need to identify directors, beneficial owners.



What do we verify?


  1. Name, company number, registered address
  2. Evidence of status e.g. Print out of stock exchange document, record stock code
  3.  If the Publicly Listed Company is the ultimate shareholder/beneficial owner (and not the root entity) - Obtain information/documents such as the annual report to show the clear ownership between them.