Client Due Diligence Requirements For Clients Of Audit Practices
For directors and beneficial owners with a holding of greater than 25% of companies the following information must be furnished to an accountancy practice before they can act on your behalf.
One or more of the following:
- Current valid ROI or UK passport
- National identity card (where applicable), bearing photo and signature
- A known employer ID card bearing photo and signature
- A full current driving license
These must be either an original document or a certified copy with the original certification, photocopies or scanned documents are not acceptable under the Act.
Please also provide the original or a certified copy of one of the following: -
- Original bill (utility or local authority bill that links you directly to postal address)
- Bank or Building Society statement
- Contact a credit reference agency
As with photo ID, these must be either original documents or a certified copy.
This is required under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010-2013. It is a criminal offence for a practice to carry out work without it.
There is additional back-round work the audit practice may carry out without having to obtain information from a perspective client. In order to start building a trusted relationship with your accountant into the future, it’s helpful to get through the initial housekeeping involved in anti money laundering compliance with the minimum of fuss.