"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.
Information
Welcome - Pre-onboarding
Booking your initial fixed-fee appointment is quick and easy! We just have a brief pre-onboarding process to complete beforehand.
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.)
Verification Process: Quick, Secure, and Essential
Before we can schedule your initial appointment, we need to complete a quick and secure verification process 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 short 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: 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
Source of Funds: We'll request information of how you intend to fund your matter. We will ask you to complete a source of funds check via a secure app. This process is also quick and easy, taking a few minutes.
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 should take approximately 10-15 minutes.
Payment: Initial Fixed Fee Appointment
- Your fixed fee initial appointment is paid for in advance via our card app.
- After funds have been received we will contact you to schedule your in-person appointment.
- This makes payment easy and convenient for you.
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.
Pre-onboarding FAQ
Ongoing Monitoring
Our clients are required to respond to requests for ongoing client due diligence, source of funds checks, and sanctions checks etc., for several important reasons:
1. Legal and Regulatory Compliance:
- Anti-Money Laundering (AML) Regulations, Proceeds of Crime Act, Terrorism Legislation and Sanctions Legislation: Law firms are subject to strict AML and other regulations designed to prevent financial crime, including money laundering and terrorist financing.These regulations require firms to verify their clients' identities, understand the source of their funds, and screen them against sanctions lists.
- We also have reporting requirements in relation to designated persons, and will require an applicable licence in relation to them. This is a complicated area requiring specialised legal advice and has ramification regarding our banking facilities and insurance. As a result this firm does not undertake work for designated persons. Designated person are individuals or entities subject to Sanctions, not only in this country but elsewhere.
- Ongoing Monitoring: Regulations often mandate ongoing monitoring of client relationships, meaning that law firms may need to request updated information or conduct further checks from time to time.
2. Risk Management:
- Mitigating Risk: Client due diligence helps law firms assess and mitigate potential risks associated with their clients, such as potential involvement in illegal activities.
- Protecting the Firm: By conducting thorough checks, law firms can protect themselves from being exploited by criminals, becoming inadvertently involved in money laundering schemes or breaching the Sanctions Regime.
3. Ethical Obligations:
- Professional Responsibility:Lawyers have a professional responsibility to act with integrity and uphold the rule of law. This includes ensuring they are not assisting clients in illegal activities, facilitating financial crime or breaching the Sanctions Regime.
- Public Interest: Regulations and due diligence processes serve the broader public interest by helping to prevent financial crime and protect the integrity of the financial system.
Source: While the specific requirements may vary by jurisdiction, the core principles are often based on international standards, such as those set by the Financial Action Task Force on Money Laundering (FATF). In the UK, relevant legislation includes the Proceeds of Crime Act 2002, the Money Laundering Regulations 2017, Terrorism Act, Sanctions Act 2018, National Risk Assessments , Sectorial Risk Assessments, and Guidance.
On-going Monitoring FAQ
Contact Us
See our Privacy Page
See our Client Due Diligence Page
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