Companies can be popular vehicles for money laundering as complex arrangements can sometimes make it difficult to tell who owns them. As a result, care should be taken when verifying them.
Steps to take could include:
Corporate customers that are quoted on a recognised stock exchange are usually considered to be publicly owned and generally accountable. Consequently there is less need to verify the identity of individual shareholders. All that should be needed is:
A central register of charities is held by the Charity Commission
(www.gov.uk/government/organisations/charity-commission). Each charity has its own registered number. Checking the number and a correspondence address is a suitable method of verification.
The identity of the signatory should also be checked. Where there is more than one signatory, the identity of at least two signatories should be verified initially. When signatories change, checks should be made to ensure that at least one signatory has been verified.
Verify the purpose of the club or society and an address. Follow similar procedures as registered charities for checks on signatories.