We are legally required to request identification from our clients. This is due to the Money Laundering Regulations.
In December 2007, the Money Laundering Regulations 2007 came into force, repealing and replacing the Money Laundering Regulations 2003. These new regulations set administrative requirements for the anti-money laundering regime within the regulated sector and outline the scope of customer due diligence.
The Regulations aim to limit the use service providers for money laundering by requiring professionals to know their clients and monitor the use of their services by clients. The regulations clearly state that company service providers like SFS are included within the regulations.
The regulations apply to anyone providing a registered office, business address, correspondence or administrative address or other related services for a company, partnership or any other legal person or arrangement. Whilst the regulations have added to our administration and may seem excessive for a registered office service we are legally forced to request identification.
If we fail to complete basic money laundering checks our company directors may be prosecuted personally.
If you find a service provider that does not adhere to the regulations then be prepared for ID to be requested in due course or the service to be cancelled. We are a reputable company that operates within the law. Beware of companies that do not.
We appreciate that that the identification requirements add to our client’s administration. We are certainly aware of the administrative burned that we manage. However, we would like to thank you for your understanding in this matter.