Anti Money Laundering (AML) - Anti Money Laundering is legislation requiring any company handling financial transactions implement Anti-Money Laundering procedures. Money laundering is the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses.
AR – Authorised Representative - The Authorised Representative is the client representative with the authority to answer Know Your Customer related questions on behalf of the business. Note: Key Account Party, Company Secretary, Member of Legal/Compliance Dept or Solicitor/Accountant would be suitable by virtue of their position.
Bearer Shares - A bearer share is equity security wholly owned by the person or entity that holds the physical stock certificate, thus the name "bearer" share. The issuing firm doesn’t register the owner of the stock or track transfers of ownership. The company disperses dividends to bearer shares when a physical coupon is presented to the firm.
CDP – Client data profile - The client data profile is a summary of the key information that we hold about your business.
Customer Due Diligence (CDD) >- Customer Due Diligence (CDD) is the act of assessing a client’s background to determine their identity.
FCA (Financial Conduct Authority) - The Financial Conduct Authority is the conduct regulator for financial services firms and financial markets in the UK and the prudential supervisor.
IntraLinks SS & C - IntraLinks SS & C is our technology partner for the delivery of the Your Business Information service.
Key Account Party (KAP) - Individuals who are sole traders, partners, directors, company secretaries, member or beneficial owners, trustees or other controlling officials within the business.
Know Your Customer (KYC) - This is a process we use to reduce fraud, identity theft and economic crime. It’s part of our regulatory responsibility.
Ultimate Beneficial Owner (UBO) - An individual who benefits the most. They have the ultimate control over an arrangement, a legal or a natural person on whose behalf the transactions are being made. To put it simply, it’s the ultimate beneficiary regardless of the chain of control.
Your Business Information Service - Your Business Information is a secure service delivered by us in partnership with IntraLinks. It assists us with checking that the information we hold for your business is up to date.