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From 1 July we may need further information from our clients

By Kay Keam - 21 Jun 2018

From 1 July this year, we may be required to undertake due diligence in order to comply with our obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT). The information required (if any) will differ depending on the nature of your work and your type of entity. We will need this information prior to carrying out your instructions.

The next time we receive instructions from you, or if there is a material change in the nature of your work, we will let you know if we need to carry out due diligence and, if so, what information we need. This will include:

  • Forms of identification (such as your driver's licence or passport)
  • Verification of your address (such as a rates invoice or utilities bill)
  • Your occupation and where you do business
  • Whether you are a 'politically exposed person' (PEP)
  • Whether you reside in a high risk jurisdiction

We may also need further information as your matter progresses. For example, for settlements we will also have to verify the source of funds. With trusts we require information about trustees and beneficiaries. For company transactions we will need information about directors and shareholders.

We will put more detailed information on our website. In the meantime, if you have any queries or concerns, please do not hesitate to contact the partner you usually deal with.


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