How will SFS implement the Anti Money Laundering Regulations 2007?

Effective ‘customer due diligence’ measures are an essential part of any system designed to prevent money laundering and are a cornerstone requirement of the Money Laundering Regulations 2007. SFS are responsible for implementing due diligence in the following circumstances-

When establishing a business relationship,
When carrying out an occasional transaction,
Where there is a suspicion of money laundering or terrorist financing; and
Where there are doubts concerning the veracity of previous identification information.

Therefore SFS need to identify any individuals or owners of any company that we establish a business relationship with. This is essentially ‘know your client’ and is applied to all clients that we provide continuous services to.

To better 'know our clients' we may-

Request that a client registration form is completed.
Request copies of a person’s ID (photo driving licence, passport, utility bills, bank statement etc.)
Request that certified copies of these documents are provided.
Request to meet the individuals involved in the business relationship.
Conduct identification checks with a checking agency.

These steps should ensure that we know our clients. However, should we need any further information or identification from you we will contact you to discuss the matter.
 

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