The UK government implemented new regulations for money laundering on December 15, 2007, which had a significant impact on the operations of UK company formation agencies. Consequently, all such agencies in the UK are now under the jurisdiction of the Money Laundering Regulations 2007 (MLR), and are supervised directly in these matters by HM Revenue & Customs.
B2B Formations, as one of these agencies, is required by government regulations to carry out proper due diligence and identification checks for all customers with whom they establish an ongoing business relationship. This means that in certain cases, proof of identity will need to be collected from clients to comply with the regulations. Although the formation of a limited company without any other additional services does not require due diligence, B2B Formations reserves the right to request proof of identity from any client, especially if the directors or shareholders of a company reside outside the EU or are foreign nationals. The AML process is mandatory for all clients seeking services such as registered office, company secretary, business address service, and other ongoing services. If professional intermediaries such as accountants or solicitors use B2B Formations services, who are in regulated sectors themselves, B2B Formations may rely on their respective due diligence procedures regarding ongoing services. The following people need to provide identification:
all persons named as directors, all persons holding 25% or more of the voting shares, the person placing the order (if not named as a director or shareholder), and the corporate entity’s controlling individuals (if the director or shareholder is a corporate entity). Note that this information is only required for those who seek regular ongoing services or in certain special cases.
Note: This information is required only for those who seek regular ongoing services (and in some special cases)
What identification proofs are accepted?
Two forms of identification are required. Please click here to find the acceptable forms of identification.
