Know your client — Anti-Money Laundering

Know your Client (KYC)/Customer Due Diligence (CDD) requirements of the Anti-Money Laundering & Countering Financing of Terrorism Act 2009 (the “AML/CFT” law) are now a fact of life in the finance & legal world – experienced mainly through dealings with banks, lawyers, accountants, and real estate agents.

Whilst at present FAR Corporate is not necessarily required to gather KYC/CDD - AML/CFT information – almost everyone we deal with (banks, other funders, lawyers, accountants, real estate agents) is required to gather that information. So as standard practice we gather information to meet their AML/CFT requirements, so that we can provide it as requested to those 3rd parties who need to have it.

Frequently the party requiring the information may also elect or be required to verify the information directly from prospective and existing clients, primarily concerning the nature of their activities and the source of wealth as part of “customer due diligence” (CDD).

For parties requiring CDD information the need is to obtain from you and verify certain information including:

• your full name; and
• your date of birth; and
• your address

In practice this amounts to you supplying

• a certified copy of the signing page of your passport, and/or both sides of your driver’s licence
• a utility or other suitable statement that shows your address.
• A copy of a bank statement in your name or your firm’s name
• COI for companies and/or trust deed and any amendments re trusts
• As necessary, source of funds material such as accounts &/or other financial material

If you are seeing us about raising debt or equity assume we will need the above information as well as more detailed information about your companies or trusts including :

• the people associated with it (such as directors and shareholders, trustees, and beneficiaries).
• Details of ultimate beneficiaries
• In some cases, further information, such as the nature and purpose of the proposed work you are asking us to do for you and application of the funds.

If we are not able to obtain the required information from you, we may not be able to act for you. We may require this information from you even though we have been acting for you for many years &/or if you have previously supplied some or all of it.

Ultimately, the law requires most of our counterparties in a transaction to obtain this information – so better we get this sorted with you upfront.

Whilst more information may be required, it will save time if at the start of any transaction you can provide a recent (within 3 months) certified copy of your passport and a utility bill. If you do not have a passport or utility bill, there are other documents that can be used to establish your identity, and we invite you to contact us in that case.