Where standard verification is undertaken with respect to an estate, the following “Client Information” will be requested from the Client contact (see Client contact):
Documentation (e.g. Probate, will or letter from a solicitor) confirming the following details:
Estate name
Estate address
Executors
Administrators
Each executor type (e.g. exempt, or non-exempt)
Relationship to client (if not the client), e.g. shareholder
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 estate’s behalf (see Individuals acting on behalf)
Where enhanced verification is undertaken with respect to a client that is an estate, 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 an estate, 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)