KYC PROCEDURE FOR VIGILARE LLP IN THE UK
1). Identifying the client:
We would first identify the client and determine whether they are a natural person or a legal entity. If the client is a legal entity, the KYC procedure would also involve identifying the ultimate beneficial owner(s) of the entity.
2). Collecting client information:
We would collect basic information about the client, such as their name, address, date of birth (if applicable), and occupation. For legal entities, information about the entity’s structure, ownership, and management would also be collected. Vigilare LLP may also collect information about the source of the client’s wealth, the nature of their business, and their transaction history.
3). Verifying client identity:
We would verify the client’s identity through documentation such as passports, driver’s licenses, and utility bills. For legal entities, documentation such as articles of incorporation, shareholder agreements, and ownership certificates may be required. Vigilare LLP would review these documents to ensure that they are genuine and that the information provided matches the information
collected.
4). Conducting background checks:
Vigilare LLP is required by law to conduct background checks on the client to ensure that they are not on any government watchlists, or sanctions lists. This may involve checking databases maintained by government agencies and third-party providers. Vigilare LLP may also check the client’s credit history and perform enhanced due diligence if the client is considered high-risk.
5). Assessing risk:
Vigilare LLP would assess the risk associated with the client based on factors such as their location, business activities, and transaction history. This risk assessment would be used to determine the level of due diligence required and the frequency of ongoing monitoring.
6). Ongoing monitoring:
Vigilare LLP would monitor the client’s transactions and periodically review their information to ensure that it remains accurate and up to date. Any suspicious activity would be reported to the relevant authorities as required by UK law.
In the UK, Vigilare LLP would be required to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) which set out the specific requirements for KYC procedures.
It is important to note that the specific KYC procedures for Vigilare LLP in UK may vary depending on the nature of business and regulatory requirements in jurisdiction.
Vigilare LLP may also have additional policies and procedures in place to ensure compliance with local laws and regulations.