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A1 Company Services Limited continue to be heavily involved with the other main company registration agents in the UK, Companies House, The Treasury and NCIS in an attempt to create an acceptable framework for meeting all of our obligations. We continue to participate in various working and round-table groups and are looking at having the whole spectrum of Company Service Provision regulated at some time in the near future to give us all some peace of mind with only a sensible and achievable volume of paperwork involved. We cannot, though, simply sit and do nothing until such decisions are made for us.
We understand that an increase in paperwork will be needed meet the requirements of the Regulations meaning that the nature of Company Formations is likely to change to some degree. It is our task to ensure that we do not make things more difficult than is absolutely necessary. To this end it is vital that we understand the following:-
1. The Regulations clearly state that one of the “relevant businesses” is that of “the provision by way of business of services in relation to the formation, operation or management of a company or trust…” [S.2(2)(m), SI No. 3075 of 2003].
2. The Regulations are clear in that identification procedures set out therein must be carried out not only where instructions involve sums over 15,000 euros, but where the “applicant for business” (you) and the person who carries on a relevant business (us) have formed a business relationship. There is an increasing body of evidence to suggest that our relationship with you is a “business relationship” as far as the Regulations are concerned, even though you are acting on behalf of your own clients.
3. The Regulations clearly set out exactly how parties are to identify themselves to each other and what each party must do to verify those identifications.
4. We must, then, request your assistance in meeting our joint responsibilities under these regulations by asking for:-
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Certified copy passport/photo id (eg, driving license, armed forces card) of the senior partner in your office.
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Certified copy utility bill or bank statement of the same person to verify his/her address
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Confirmation of those persons in your office authorised to instruct A1.
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An undertaking to confirm to us on request the identity of the ultimate
instructing client in respect of any service we are requested to provide.
To help in meeting these requirements, please download
a draft letter for transferring to your firm’s letterhead, completion as indicated and returning to us.
There are other agents working with variations on this theme and, sadly, some agents refusing to accept their importance. The Regulations are here to stay and we hope that by working with us we can all at least try to stay ahead of the game by taking a sensible lead and attempting to have reasonable procedures adopted by all parties.
We would also like to use the procedures the Regulations place upon us to assist you wherever possible. To this end, we will maintain an accurate and updated register of all our due diligence papers and are happy to copy them back to you at any stage as and when other service providers and regulated intermediaries ask you for them.
Ultimately, increased regulation of company services will be beneficial to the UK in promoting us as the jurisdiction of choice for clients around the world. Our aim is to ensure that we are not rail-roaded into accepting unreasonable procedures that make any such benefit impossible to attain. We would ask that you work with us to meet the requirements we are already working under and let us know how you feel we might improve things in the future.
Thank you very much for all your assistance in this matter and we look forward to hearing from you soon with the information requested.
Martin Worsley
Money Laundering Reporting Officer, A1 Company Services Limited
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