"Diligence is the mother of good fortune." - Benjamin Disraeli
This quote emphasises the connection between hard work, thoroughness (diligence), and achieving positive outcomes. In the context of Know Your Client (KYC) and Client Due Diligence, it suggests that careful research and investigation are essential for making informed decisions and minimising risk.
Welcome - Pre-onboarding
Before we can book an initial consultation, we are required to pre-onboard our prospective clients.
Reason:
We are required to comply with legal and regulatory requirements. We need to conduct "Know Your Client" and "Client Due Diligence" procedures.
This is similar to the process you might experience when opening a bank account, and working with an accountant These Anti-Money Laundering and Sanctions checks are mandatory practice in many sectors (e.g. legal, accountancy, estate agency, company formation, and the financial sector, etc.)
Pre-onboarding Process: Quick, Secure, and Mandatory
Before we can schedule your initial appointment, we need to comply with legal and regulatory requirements. This involves initially, three simple steps:
- Identity Verification: Using a secure app, you'll be asked to complete a biometric identity check. This is similar to taking a selfie and only takes a few minutes.
- Source of Funds: We'll request access to a read-only copy of your bank statements via a secure app. This process is also quick and easy, taking just a few minutes.
- Questionnaire: Finally, we'll ask you to complete a pre-onboarding questionnaire, which should take approximately 10-15 minutes.
This client due diligence is conducted at the beginning and throughout our business relationship to ensure we meet our legal obligations and maintain the highest standards of security.
We appreciate your cooperation and understanding.
Identification and Verification
Identity Verification:
We are required to identify and verify our prospective clients are. We are required to do this before we start a business relationship with them.Reason: It is a legal and regulatory requirement.
How: This is initially done via a biometric e-verification secure app. Which is similar to taking a selfie.
You will also be requested to scan or upload an image of your passport and driving licence. (A photocopy will not suffice.)
Time: This only takes a few minutes.
Source of Funds
Source of Funds: We need to ascertain - how you intend to fund your matter and where the funds originally came from.
To assist with this request we will ask you to complete a source of funds check via a secure app as this is very convenient for most prospective and existing client, can be done in your own home and takes a few minutes.
Reason: It is a regulatory requirement to ascertain how you will fund your matter, and to ascertain the original source of your funding.
How: This is initially done by a convenient secure app via your phone which will take a few minutes secure app or certified copies from the sources of your funds.
Your responses: Depending on your responses, you will be prompted to provide information. E.g. if you state your funding is coming from your bank account, you will be asked for read only bank statements.
(NB: The app is pre-set to request 12-months worth of bank statements, this is the pre-set by compliance tech provider, and we can't change this. Or we can request certified copies from your the source of funds provider e.g. from your bank.)
Time: This process is also quick and easy, taking a few minutes, via the secure app.)
N.B. Please note that this compliance technology was initially designed for conveyancing sector, as this has the highest risk of money laundering.
So, the request may say how do you intend to fund your purchase or other, please take this to mean how do you intend to fund your matter.
If you have any question you can contact the tech provider directly.
Pre-onboarding Questionnaire
Questionnaire: Finally, we'll ask you to complete a questionnaire, this is to find out more about you and your needs.
The questionnaire is usually done prior to the initial appointment or it could be done within the first few minutes of the initial appointment.
Reason: It is a regulatory requirement to know your client and undertake client due diligence for the purposes of legislation. As a result we are required to ask some further questions of all prospective clients.
How: We can send you the online form, or the form will be made available at the initial appointment, for its completion.
Time: The questionnaire can take approximately 10-15 minutes.
N.B. You may find that many questions are not applicable to you. If that is the position please answer accordingly.
Your Responses
Depending on your responses we may ask for more information and documentation.
Payment: Initial Fixed Fee Appointment
- Your fixed fee initial appointment is paid in advance via our secure card payment app - this makes payment easy and secure.
- After funds have been received we will contact you to schedule your in-person appointment.
Do I need to bring anything to the Initial Fixed Fee Consultation?
your original passport and original driving licence.
- If we require any further documents we will let you know before the initial fixed fee appointment.
Are Fixed Fee Appointments in Person?
- Yes, initial fixed fee appointments are in-person.
Voluntary nature of Pre-Onboarding Process
We seek your voluntary co-operation to enable us to comply with our legal and regulatory obligations.
You will find that an increasing number of professions are requiring compliance checks and documentation. These include estate agents, conveyancers, accountants, banks, financial institutions, casinos, company formation agencies and others
If you not to comply with our requests for information and documentation, if we feel uncomfortable, or if we do not feel your matter is within our risk appetite, then we will not be able to proceed with on-boarding you as a client.
Is there a Charge for these Required Checks
Yes, we are allowed to charge for these compliance checks.
Please see our the individual fees page for further information about these Administrative Fees.
Please note that Compliance check Administrative Fees are in addition to the fixed fee or hourly rate.
Administrative Fees are subject to vat which is currently 20%.
Ongoing Monitoring
We are required to update the client due diligence regularly. So if there are any material changes in your circumstances you are required to inform us of the change immediately, We may also during the course of your matter ask you for information and documentation.
If you fail to provide this information and documentation, then we will not be able to continue to undertake work for you and the retainer will cease. We will bill you for the work we have untaken. You will need to find alternative provider who is likely to ask you for the information that we requested.
Quick Pre-onboarding FAQ
Quick On-going Monitoring FAQ
Contact Us
See our Privacy Page
See our Client Due Diligence Page
See our Pre-onboarding Page
See our Fees Overview Page
Call Us: 020 4578 4684
Get in Touch at Any Time
Do not hesitate to contact us with any queries.
Alexander Christian
Harrow Business Centre
429-433 Pinner Road
North Harrow
Middlesex
Greater London
HA1 4HN
Phone : 020 4578 4684
www.alexanderchristian.co.uk