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:

  1. Current valid ROI or UK passport
  2. National identity card (where applicable), bearing photo and signature
  3. A known employer ID card bearing photo and signature
  4. 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: -

  1. Original bill (utility or local authority bill that links you directly to postal address)
  2. Bank or Building Society statement
  3. 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.

What questions do you have?

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