Under the Money Laundering Regulation 2007, all company formation agents are required to check the identity and information provided by all company formation clients.

Wisteria Formations can accept copies of a photo driver’s license or passport (for proof of identity) as well as either a copy of a bank statement or utility bill (as proof of address). From this we can match your residential address with your personal ID and your residential address will be stored on file with Companies House.  This increased level of checking is imposed by the UK government as a way of preventing money laundering in the UK and making it easier to trace any potential offenders through the financial system. You can scan, fax and post copies of these documents to us and then we can begin registering your new limited company with Companies House.

All company formation agents must abide by this regulation within the risk based approach and therefore you should expect your company formation agent to ask you for these documents.

As part of this process, identity documents are securely retained on our files.

The Data Protection Act 1998 (DPA) is an act of UK parliament which defines UK law on processing of data on identifiable living people. In practice in it is a way for individuals to control information about themselves. It comprises of 8 key data protection principles.

1. Data may only be used for the purpose in which it was collected.
2. Data must not be provided to third parties without consent of the individual to whom it concerns. Unless however there is legislation or other overriding legitimate reasons for sharing the information, such as to prevent crime.
3. Individuals have the right to access information held about them
4. Information can be kept for no longer than is required.
5. Personal information may not be sent outside the European Economic Area unless the individual to whom it concerns has consented or adequate protection is in place.
6. Subject to some exceptions, all entities that process personal information must register with the Information Commissioner’s Office.
7. Those holding personal information are required to have adequate security measures in place. Those include technical measures and organisational measures.
8. Subjects have the right to have factually incorrect information corrected

Wisteria Formations comply with all DPA regulations therefore you can be safe in the knowledge that your documentation and personal information is protected.

To start your company formation now with Wisteria Formations, click here:

https://www.wisteriaformations.co.uk/uk_company_registration

For more information please call 0844 893 0808 or email us at formations@wisteria.co.uk.