Important Information
BWR AML/CFT Compliance Requirements
From 1 October 2018, we are required by law to collect additional information from you as part of our obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act).
The purpose of this legislation is to help prevent money laundering and the financing of terrorism. By gathering more information from you, we gain a better understanding of the transactions we are conducting on your behalf. This helps ensure that we comply with our legal obligations and do not inadvertently become involved in illegal activities. Should we have any suspicions, we are legally required to report them to the authorities.
Customer Due Diligence (CDD)
When we meet with you to discuss major transactions, we will carry out a process called Customer Due Diligence (CDD). This process is similar to what is required when opening a bank account, purchasing property, or setting up a business, though we may need additional documentation from you depending on the nature of the work.
Information We Require
For Individuals:
- Proof of identity (e.g., driver’s license, birth certificate, or passport)
- Proof of address (e.g., recent utility bill or bank statement)
For Companies or Trusts:
- Proof of identity and address for the company or trust, as well as details about key individuals involved (e.g., directors, shareholders, trustees, or beneficiaries).
- We may also request information regarding the source of funds and the purpose of the transactions you are asking us to assist with.
What Happens If You Cannot Provide the Required Information?
We cannot proceed with providing services until we have the required documentation. If you are unable to provide this information, we may not be able to act on your behalf. However, we are not required to retain the original documents; we will simply make copies and store them securely for future reference.
Have Questions?
If you have any questions or need clarification about these requirements, please don’t hesitate to contact us. Our team at BWR is here to assist you.