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In common with all professional practices and financial institutions, we are required to comply with UK legislation and regulations behind the UK anti-money laundering regime. We are also required to comply with the regulations set out by the Solicitors Regulation Authority.

The requirements of the UK anti-money laundering regime are set out in:

  • The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (SI 2017 No. 692);
  • The Proceeds of Crime Act 2002 (as amended by the Crime and Courts Act 2013 and the Serious Crime Act 2015);
  • The Money Laundering Regulations 2007 (SI 2007 No. 2157); and
  • The Terrorism Act 2000 (as amended by the Anti-Terrorism, Crime and Security Act 2001, the Terrorism Act 2006 and the Terrorism Act 2000 and Proceeds of Crime Act 2002 (Amendment) Regulations 2007).

 
Client Due Diligence

We are required too verify the identity of our clients and their addresses by seeing original ID documentation and also evidence of address from certain sources. We cannot accept photocopies or ID documentation certified by mortgage advisors. You will be required to provide this information, which we will need to check, before we are able to proceed with your matter.

Individuals

We need you to produce originals of ONE item in list A and TWO items in list B

LIST A
– Passport
– Photo Driving Licence

LIST B (which must show your name and address and not be more than 3 months old)
– utility bill
– bank statement
– phone bill (not mobile phone bill!)
– Forces photo identity card.

If you have difficulty producing these then please let us know immediately.

Limited Companies

We will require evidence of identity and address (as above) of at least two directors/company secretary

We will also need the names and addresses of shareholders; and confirmation of voting rights/shareholding. Evidence of identity of any shareholders may also be required.

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payor) Regulations 2017 came into affect on 26 June 2017 placing an obligation on us to apply enhanced customer due diligence when acting for a Limited Company. It may therefore be necessary to examine the background and purpose of your transaction and request additional information which you will need to supply in order to progress the transaction.

Partnerships
We will require a list of all partners; evidence of the identity and address of at least two partners;
a copy of the current partnership deed; confirmation of voting rights; and confirmation of who owns the equity.

Trusts
We will require list of all trustees; evidence of the identity and address of at least two trustees;
a copy of document establishing the trust and appointing trustees; and a list of all beneficiaries of the trust, with confirmation of their share of the equity.

Sending funds to Kew Law

Where we are to receive monies from a client we are required to verify the source of all funds in excess of 10000 euros by seeing the source and tracking the history of the money. We will therefore our client to evidence the source of the funds for a period of not less than three months right up to and to include transmission of funds to us. The funds must be transmitted to us from the source account, which is the account in the name of the client which has been evidenced. Funds must be transmitted to us via a UK clearing bank. We do not accept payments from third parties.

Evidence of source of funds can usually be provided by producing three months worth of bank statements. The statement MUST show the following:-

the funds being utilized;
the account holder’s name; and
the address of the account holder.

A complete money trail will need to be provided evidencing the source of the funds throughout the three month period to include the date of transmission of funds to Kew Law LLP.

Where funds have been paid to you within the three month period by a third party

If funds have been received by the client from a third party then that third party will also need to provide evidence of source of funds as set out above. The identity checks set out above will also apply to the third party.

Where funds have been paid/transferred to your UK clearing bank from an EU source outside of the UK

The above procedure shall apply. It is your responsibility to ensure that the statements provided are in English. If the financial institution to which the funds have originated is unable to produce statements in English then it will be your responsibility to arrange for them to be translated by a registered Chartered Linguist (Translator).

Where funds have been paid/transferred to your UK clearing bank from a non-EU source
If funds have been paid into that account from a non-EU source then we will be unable to utilize any funds from that account until the funds have been held on the UK clearing bank for a period of 6 months.

We are professionally and legally obliged to keep your affairs confidential. However, solicitors may be required by statute to make a disclosure to the National Crime Agency (or such Government Agency as appropriate) where they know or suspect that a transaction may involve money laundering or terrorist financing. If we make a disclosure in relation to your matter, we may not be able to tell you that a disclosure has been made. We may have to stop working on your matter for a period of time and may not be able to tell you why.

Solicitors in: Solicitors in Halstead, Solicitors in Hadleigh, Solicitors in Chelmsford, Solicitors in Burnham on Crouch, Solicitors in Witham, Solicitors in Wickford, Solicitors in Maldon, Solicitors in Colchester, Solicitors in Braintree and Solicitors in Rayleigh

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