Dear all

In December 2007 new Money Laundering Regulations were brought into force.

These new regulations meant that UK based businesses involved in Company Incorporations must have anti-money laundering controls in place and must register with the H.M. Revenue and Customs.

FID Trust International Limited must comply with these regulations and as a result there are various steps that we made in our applications for companies incorporated online:

1. The date of birth of Secretaries and Subscribers will be required to assist with validating the persons identity. Please Note: From 6th April 2008, to incorporate a company, a Secretary will not be required, except for PLC’s where a secretary will still be required.
2. If a Corporate entity is a Director, Secretary or Subscriber then the ultimate Directors and Beneficial owners of that Corporate entity must also supply their Due Diligence. We will require the ultimate owners names, addresses and Dates of Birth.
3. If a company officer is a non-UK resident then their Passport Number and the Passport Verification Number will also be required. The Passport Verification Number contains numbers and letters and is approximately 28 characters long.

In order for us to comply our customers will have to follow one of the options below:

1. If you will be carrying out your own due diligence please complete, sign and post the attached letter back to us. (Text - Due Diligence Requirements, in PDF - Due Diligence Requirements). We will then mark your account accordingly and we will not need to carry out our own checks. Therefore there will be no additional charge.
2. FID Trust International Limited  can make an electronic check for each individual involved in the company, which will slightly delay your incorporation.

Incorporations can be submitted at anytime, but we would hold the incorporation until we have made the checks.

The checks can only be made during our normal working hours.

The electronic checks will eliminate any delays waiting for paper copies of Due Diligence documents etc. and the need for you to keep and store the documents for a minimum of 5 years. FID Trust International Limited can recall details of all checks made for up to five years. There will be a charge of £2.50 (+VAT) per individual.

Important Notice:

Either Step 1 or Step 2 above work in our applications from 18th April 2008.

Unfortunately these requirements have been forced upon us all but we will try to minimise the impact as much as we can.

If you have any further questions or queries please do not hesitate to contact us.

Best Regards

Mr. Sergios Topalidi (Web-Master)

FID Trust International Limited

Tags: Money Laundering