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Alexander Christian
Alexander Christian
Anti-Money Laundering Audit | Family Law | Co-Parent Mediation | Mediation
  • Regulatory & Legal Requirements

    Pre-onboarding & Ongoing Monitoring

    Pre-onboarding: Know Your Client (KYC), Know ,Your Business (KYB), Client Due Diligence (CDD)
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"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.

Know Your Client (KYC), Know Your Business (KYB) , Client Due Diligence (CDD), Ongoing Monitoring
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:

  1. 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.
  2. 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.
  3. 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?

  • We will ask you to bring to the initial fixed fee appointment 
  • 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

    Know Your Client (KYC), Know Your Business (KYB) , Client Due Diligence (CDD), Ongoing Monitoring
    Know Your Client (KYC), Know Your Business (KYB) , Client Due Diligence (CDD), Ongoing Monitoring
    Do Prospective Clients Comply?
    • In short, Yes.
    • As law firms work in the regulated industry, all firms will have on boarding processes. Thus, on boarding is inevitable, if you are seeking a service within a regulated industry. 
    What Happens If I Don't Comply?

    What Happens if I don't Comply?

    • Whilst you proceed through the pre-onboarding process, you are not a client of the firm. 
    • If you choose not to comply with our requests or for whatever reason we do not have the information we require or we do not feel comfortable  There is no obligation on us to take you on as a client. 
    • You will therefore have to seek assistance else where. 
    How Long is the Process?

    How Long is the Process?

    • As pre-onboarding is client and matter specific. 
    • We will send you the requests and ask you to undertake the process and provide information and documentation. 
    • We will ask you to do so promptly or within a set time period. 
    • If there is a delay in execution, or delivery of information and documentation as requested, we may decide not to proceed with the on boarding process. 
    Is there a Charge for This?

    Is there a Charge for This?

    • Yes. We are able to make a charge for the pre-onboarding inquiries even if either you or us decide not to proceed with the on-boarding process or if you do not become a client
    • Please see the relevant Fees Page on this website, then consider the section marked Administrative Fees. 
    What to the Data?

    What happens to the Data?

    Ongoing Monitoring

    Ongoing monitoring is a standard practice for law firms and many other sectors, including accountancy, estate agencies, and financial institutions. It's a routine procedure designed to ensure compliance and protect all parties involved.

    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

      Know Your Client (KYC), Know Your Business (KYB) , Client Due Diligence (CDD), Ongoing Monitoring
      Know Your Client (KYC), Know Your Business (KYB) , Client Due Diligence (CDD), Ongoing Monitoring
      How long does On-going Monitoring take?

      How Long does On-going Monitoring Take?

      What looked like a small patch of purple grass, above five feet square, was moving across the sand in their direction. When it came near enough he perceived that it was not grass; there were no blades, but only purple roots. The roots were revolving, for each small plant in the whole patch, like the spokes of a rimless wheel.

      • Usually a short time.
      • We will request information and ask you to respond promptly or within a short time period.
      What Happens if I fail to Comply?

      What Happens if I fail to Comply?

      If you fail to comply, we will not be able to continue to work for you and our business relationship will terminate.

      What if I have any questions?

      If you have any questions

      If you have any questions, contact us. 

      Book your appointment today!

      Contact Us

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      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