In your dealings with any business that is affected you may notice a few procedural changes. In common with banks and other financial institutions, accountants will continue to require evidence of the identity of any new clients. In many cases this could involve seeing and taking a copy of photographic identification such as a passport or new style driving licence. For those of you in business the identity of your organisation itself must be established, perhaps by confirming records at Companies House. The law requires these identification records to be maintained for five years after a client relationship has ended.
The new Regulations also require procedures to be applied to existing clients. Even if you have been a client of an affected business for a number of years you may be asked to provide evidence of your identity. Of course, the business may already have sufficient evidence of this through their previous dealings with you. Your usual contact will no doubt be in touch if any information is required.
You may also find that additional information is required about certain background aspects of your business. This might include questions about the ultimate ‘beneficial owners’ of your business if you are part of a group for example. A beneficial owner is an individual who ultimately owns or controls more than 25% of the shares or voting rights in the company. At times identity evidence may also be required. In the case of a trust further information about the beneficiaries may be requested.