When forming your new limited company, there are a few things that we as the company formation agent need to carry out before we can proceed with your application. The most important of these is carrying out the Anti Money Laundering Checks.
Firstly, what is Money Laundering? A simple definition of money laundering is the process of engaging in transactions that are designed to conceal the true original source of the money. It is often carried out by criminals and terrorists in the “underground” economy.
For this reason, Money Laundering Regulations were brought in by HMRC and FSA, in order to protect the UK’s financial system from any suspicious activity. Businesses were forced to have certain controls in place so that any money laundering by criminals and terrorists could be prevented using a system of checks.
As a company formations agent, we are legally required to carry out these checks under the Money Laundering Regulations 2007 to prevent any potentially fraudulent activity. We are required to check that those details you provide on your application match with the official documentation you provide. This will help us to identify individuals that may be using fabricated details and to prevent any suspicious activity.
When you complete the online company incorporation application process, you will be asked to send us important documents for all the directors and all the shareholders that have a shareholding of more than 20%. The documents that we require from each of those individuals includes a copy of either a driving license (photo card) or a passport in order to prove your identity. As well as this, a copy of a utility bill or bank statement showing your name and home address.
When forming your new limited company, you should anticipate that a company formation agent to ask you to provide these documents and to undertake these AML checks.
For more information of these regulations and the full Money Laundering Regulations 2007, please visit http://www.opsi.gov.uk/si/si2007/uksi_20072157_en_1.
To start your company formation now please follow the link below and for any further information on company formations please contact out support team on 0844 893 0808 or send them a message at formations@wisteria.co.uk and they will respond shortly.
https://www.wisteriaformations.co.uk/uk_company_registration.
