Identity Checklist

AML - Identity Checklist

Before we can act for you and during our engagement on an ongoing monitoring basis, the firm, Keogan Law & Tax, needs to be sure of your identity and where you have got your assets from.

Ireland has an extensive anti-financial crime regime in place. Specific anti-money laundering (AML) laws require professional persons and other bodies which might likely be able to identify instances of money laundering/terrorist financing to perform customer due diligence, implement anti-money laundering and counter financing terrorism policies and procedures and report suspicions to the authorities. Solicitors and tax consultants are designated persons under this legislation.

Therefore, in order to identify and verify you as a client and before you can become our client, even if we might know you, you should provide the following information to us to verify your identity and your permanent address. We also may ask you questions (and in some cases require documentary evidence) as to the source of funds you are using and/or your source of wealth. We may also ask you questions to understand the nature of the transaction you seek advice on.

We suggest you send us a scan of these documents first to us so that we can hold them in soft copy and start any necessary checks. You should bring the originals of these documents to our meeting for final verification. If we are not to meet shortly, you should provide us with certified copies of these documents by regular post also.

Individual's AML details

• your in-date and valid passport or driver's licence
• a recent (within the last 3 months) utility bill or some government source setting out your usual permanent address.

Trusts

• verified identity of all settlors (as per individual's AML details above)
• verified identity of all trustees (as per individual's AML details above)
• verified identity of all protectors (as per individual's AML details above)
• verified identity of all persons who holds a power of appointment over a trust fund (as per individual's AML details above)
• verified identity of all identifiable beneficiaries including ultimate beneficial owner (as per individual's AML details above)
• certified copy of the relevant trust documentation, e.g. trust deed, variations of trust deed, appointment of trustees, retirement of trustees, appointment of funds to a beneficiary
• access number and trust registration number for us as designated person to verify the above with the Central Register of Beneficial Ownership of Trusts (CRBOT) if the trust is already in place before you engage with us. Please note that the trust must be registered with CRBOT before we can engage with the trustees (other than where part of our engagement is to be to arrange for the registration of the trust with CRBOT).

We also require understanding of the ownership and control structure of the entity or arrangement concerned to ensure correct identification of everyone concerned. In particular in the case of beneficial owners of a trust, we will require identity verification (as per individual's AML details above) for:

• any individual (as per individual's AML details above) who is entitled to a vested interest in possession, remainder or reversion whether or not that interest is defeasible in at least 25% of the capital of the trust property
• any individual (as per individual's AML details above) who has control over the trust
• the class of individuals in whose main interest the trust is set up or operates.

Companies

• verified identity of each shareholder including ultimate beneficial owner(s) (as per individual's AML details above)
• verified identity of each director (as per individual's AML details above)
• certified copies of the certificate of incorporation and any change of name
• certified copies of the latest constitutional documents of the company.

Professional firms

Where we act on a consultancy basis for you as another professional firm we shall rely on the fact that we assume:

• you are a designated body under EU/national legislation to carry out identity checks;
• that you have in fact carried out the necessary anti-money laundering checks on your clients in each case;
• that you will continue to monitor your clients for this purpose;
• that you will notify us immediately should you cease to have a business relationship with the relevant client; and
• that you will advise us if such cessation arises out of concerns and/or suspicions with regard to money laundering and/or terrorist financing.

The AML legislation requires us to apply enhanced measures to Politically Exposed Persons ('PEPs') who are resident outside Ireland. If you have, or have had, a high political profile, or hold, or have held, public office or are a known close associate or are closely related to such a person, you should please advise us as further checks and procedures must then be undertaken prior to us establishing a business relationship with you (and the client firm should advise us if the client of that firm is a PEP). We may form the opinion independently of you that you are a PEP and we reserve the right to require further identification and information for this purpose.

We may from time to time request further information from you such as up to date information and information to understand your circumstances and business, the source of wealth involved in any transaction, the purpose of specific activities and the expected nature and level of activities.

In all cases these details will be retained in accordance with our Privacy Policy. If we suspect that money or property in a matter may be linked to a criminal activity or used to fund terrorism, we are required by law to make a report called a Suspicious Transaction Report. This means we may share your information with the relevant authorities without your consent. We are not allowed to tell you if we make a report. Solicitors can face sanction from the Law Society and severe criminal penalties (fines and imprisonment) if they fail to carry out these requirements.

Aileen Keogan
Keogan Law & Tax
www.KLT.ie