Identity Check | Glossary | Setup A Company

Identity Check

Identity Checking is all about Anti-Money Laundering. The latest and relevant legislation is The Money Laundering Regulations 2007 which came into effect on 15 December 2007.

If you are forming a company and you have not known the individuals named in the formation process for more than 2 years then it is your legal obligation to consider verifying the Identity of every Director, Secretary and Shareholder included in the Company Formation process. This is a legal obligation for Accountants and Solicitors who are members of professional bodies.

Traditionally this Identity Check has been carried out by photocopying original passports and utility bills, etc.

But now there is a better way! Company Controller can offer an electronic ID Check which is more thorough than this traditional approach and which is actually now the recommended and preferred method of ID checking by HMRC according to The Money Laundering Regulations 2007. This electronic ID Check includes checks against the Politically Exposed Persons list and the Home Office Sanctions Lists. It also includes checks against numerous other databases in the UK and around the World to confirm the identity of a person. It also verifies passport numbers, date of birth, and checks Royal Mail's mail forwarding address database. None of these checks can be done by taking copies of identity papers.

This means that Company Controller can check the identity of every Director and Secretary that is involved in the proposed Company Formation for anti-money laundering purposes for you, providing you with peace of mind.

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