What does Money Laundering mean?
'Money laundering is the process by which criminally obtained money or other assets (criminal property) are exchanged for 'clean' money or other assets with no obvious link to their criminal origins. It also covers money, however come by, which is used to fund terrorism.'
(Money Laundering Regulations: November 2007 Draft)
'Money laundering can take many forms including:
· Acquiring, using or possessing criminal property;
· Handling the proceeds of crimes such as theft, fraud and tax evasion;
· Being knowingly involved in any way with criminal or terrorist property;
· Investing the proceeds of crimes in other financial products;
· Investing the proceeds of crimes through the acquisition of property/assets;
· Transferring criminal property.'
What is the purpose of the new money laundering regulations?
· To deter money laundering
· To detect money laundering
· To disrupt money laundering
· To disrupt terrorist funding
What do the new money laundering regulations mean for Brighton Company Formations?
From the effective date of the 15th December 2007, a wide range of companies must have in place a system of identity checks to confirm the identities of all its customers and those it has a business relationship with.
These identity checks must be used to check databases relevant to identity fraud, political exposure, asset freezing and a variety of other variables of risk. Companies will be responsible for alerting authorities of suspicious activity and training staff to assess these risks.
Each Service Provider or Trust Company (in our case; Brighton Company Formations) will ultimately be responsible and liable for its failure to apply these measures.
Our Response …
At Brighton Company Formations we recognise the importance of operating against money
laundering and conducting business in a socially responsible manner, which is why
we are strengthening and enhancing our anti-
From December 15th 2007 we will be applying these enhanced money laundering checks. These checks will be applied to all parties involved in the formation of, and appointment of company officers for company incorporations, registrations and relevant services.
We are in partnership with a major third party anti-
What this means for you, our customers?
We are embracing this move towards greater risk management in business, and hope that you will feel the benefit of added checks involved, without significance inconvenience.
In fact, much of the necessary details will remain similar to those we already require for the registration of companies, and the appointments of company officers. The few additional identity checks we will be carrying out should not add any further service time on to our incorporation process. In accordance with the new regulations for 2007 we will money launder all appointments of company officers should be aware of this. To best prepare, and for a speedy efficient service, please ensure the required information is available before entering the ordering process.
Until now we have required those appointing company officers to provide us with a variety of details to include: Full name, residential address, date of birth, nationality and the answers to three security questions from a selection of seven. The implementation of enhanced checks will mean our customer requirements will vary only slightly. In the past we have only required further details to include date of birth, business occupation and nationality for company directors, but now we will need to take these details for all appointments (directors, secretaries, shareholders and authorising agents for corporate appointments).
In order to complete our money laundering checks we will need a UK residential address
and it will no longer be possible to use Brighton Director Limited and Brighton Secretary
Limited as nominees for the purposes of your own name company formation. However
we will still have a stock of ready-
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