How it affects us:
As a Money Services Business (MSB), Amal is registered with and regulated by HM Customs & Excise under Money Laundering Regulations. Our staffs are fully trained with Anti-Money Laundering guidelines and are aware of their responsibilities in the monitoring and reporting of any actions that raise suspicion or give cause for concern.
How it affects you:
For large size transactions and or frequent transactions we will require *two forms of identification, one of which must include a photo ID. Valid passports, driving licenses and identity cards along with a recent utility bill, council tax bill, bank statement or mortgage statement showing a home address (no more than three months old) are common forms provided.
In addition to these requirements we may also ask for evidence of the source of funds i.e. loans, property sales, equity sales or conformation by an accountant, as well as proof of reason for the transaction i.e. invoice, confirmations of purchases from estate agents, brokers or other agencies.
For large size transactions and or frequent transactions we may require all or any information as follows, which will be kept on records Business activity and reasons for transactions
- Expected frequency and volume of transactions
- Origin and destination of funds
- *ID verification of Directors, Partners or Sole Traders (two forms of identification, one of which must include a photo ID. Valid passports, driving licenses and identity cards along with a recent utility bill, bank statement or mortgage statement showing a home address (no more than three months old) are common forms provided)
- If a limited company, the registered company number, corporate name, trading names, VAT registration, registered principal address and trading addresses
- List of authorised persons allowed to give instructions on behalf of the company
- If an MSB, a copy of a valid MLR certificate
- Copies of annual reports and name and address of company auditors
- Details of compliance procedures
Clients must comply with these requirements. The Company retains the right to refuse to accept a client instruction and is under no obligation to enter into a transaction should it choose not to do so.
*In cases where original documents cannot be provided on a ‘face-to-face basis’ we will accept copies of ID. However, in the case of Photo ID this must be certified as ‘Seen and providing a true likeness’ by a either a lawyer, accountant, post master, banker, teacher,
doctor, minister of religion or someone of similar status who should sign the copy and supply their own name and address and contact details. Copies of certified documents should be posted.