Carrying out customer due diligence requirements
We are obliged to carry out customer due diligence by taking the necessary steps to identify our customers. This means obtaining a customer’s:
we require a government issued document i.e a passport, utility bills, bank statements or any other official documents. Other sources could be electoral register and information from credit reference agencies such as Experian, Equifax and any other to identify the person.
Applying customer due diligence measures
We are obliged to carry customer due diligence checks as listed on gov.uk website:
Our obligation when establishing a business relationship
Any business relationship we seek to enter with a customer where both of us expect the relationship to be any term (short/medium or long term). It can also be formal or an informal arrangement between the parties. We need the following information as listed on gov.uk website:
The type of information that you need to obtain may include:
For further information please visit the government website gov.uk for details on;
The changing circumstances of customers
When to apply due to occasional transactions
When to carry out enhance due diligence
We are obligated by law to report transaction of any amount that appears suspicious in nature.
When customer is another Money Service Business
Training of our staff or demanding third parties’ partners are qualified to thoroughly carry out checks.
We are committed to train and keep record of certain individual or associates or employees so they’re aware of their responsibilities to protect the business to trade legally and sustain the law.
We would ask for proof as to where any cask sum monetary was generated and have our solicitor or account to make checks as necessary.
We would keep a record of our dealings and transaction, receipts, email or any correspondences, computerised, originals and photocopy documents where appropriate for 5 years from the end of a business relationship or and a transaction is completed.
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