What are KYC requirements UK?

details of your customer’s business or employment. the source and origin of funds that your customer will be using in the relationship. copies of recent and current financial statements. details of the relationships between signatories and any underlying beneficial owners.

What is KYC FCA?

An independent, non-governmental body, the Financial Conduct Authority is responsible for regulating the UK’s financial services industry. The Financial Conduct Authority (FCA) was established in 2013 following the Financial Services Act (2012) and replaced the Financial Services Authority (FSA).

Is KYC a legal requirement?

KYC and AML obligations are nothing new to the legal sector. Many small and medium sized law firms do not have a centralised due diligence process or teams, and often checks are done by the lawyer assigned to a specific case.

What are the requirements for KYC in the UK?

To comply with the UK’s obligations under 4AMLD and 5AMLD, not only must the corporate information be acquired in the course of doing business, so must the beneficial ownership — “the natural person (s) who ultimately owns or controls a customer and/or the natural person on whose behalf a transaction is being conducted.

What does the FCA mean by Money Laundering Regulations?

The Money Laundering Regulations give the FCA responsibility for supervising the anti-money laundering controls of ‘Annex I financial institutions’ (a reference to Annex I to the Capital Requirements Directive, where they are listed).

What happens to UK KYC after Brexit?

While an EU member state, UK-based companies simply had to demonstrate compliance by following and adhering to EU AML and KYC regulations and law, even passporting into the EU. However, once the Brexit transition was completed on 31st December 2020, the UK lost its status as a member of the EU.

How often can I carry over money from my FSA?

But your employer may offer one of 2 options: It can provide a “grace period” of up to 2 ½ extra months to use the money in your FSA. It can allow you to carry over up to $500 per year to use in the following year. Your employer can offer either one of these options but not both. It’s not required to offer either one.

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