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yourbusinessadmin.co.uk

Client Onboarding (KYC, AML & Source of Funds)

Your Business Admin (yourbusinessadmin.co.uk) • Official Customer Due Diligence Portal

Case Reference: Generated on Submission
⚖ STATUTORY COMPLIANCE DISCLOSURE

UK AML Regulatory Framework & Five-Year Data Retention Policy

1. Legal Basis & Statutory Due Diligence: Your Business Admin collects and processes client identification, beneficial ownership, and financial records pursuant to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017, as amended 2019), the Proceeds of Crime Act 2002 (POCA), and the Sanctions and Anti-Money Laundering Act 2018. Completing this due diligence is a mandatory legal pre-condition prior to engagement.
2. Mandatory Five-Year (5-Year) Record Retention: Under Regulation 40 of MLR 2017, all customer due diligence (CDD) records, identity verifications, beneficial owner documents, and source-of-funds evidence will be securely retained for a statutory retention period of five (5) years beginning on the date the ongoing business relationship ends or an occasional transaction is concluded, after which data is securely expunged.
3. UK GDPR / Data Protection Act 2018 & Document Security: Personal data is processed strictly under the lawful bases of Legal Obligation (Article 6(1)(c) UK GDPR) and Substantial Public Interest (DPA 2018, Schedule 1, Part 2) to combat financial crime. Data is stored on secure, encrypted UK servers, restricted to certified compliance officers, and will never be utilized for marketing or shared with third parties other than statutory authorities (e.g., NCA, HMRC) upon legal demand.
1
Entity Details
2
Directors & UBOs
3
Business Nature
4
Source of Funds
5
Declarations
6
Verification & ID
Section 1: Client & Legal Entity Identification
Please supply registered legal entity details and primary contact information.
Section 2: Directors & Beneficial Owners (PSC / UBO)
All statutory Directors and Ultimate Beneficial Owners holding 25% or more voting rights or capital must be declared.
Statutory Compliance Requirement: Under UK MLR 2017 & Companies Act 2006, all Persons with Significant Control (PSC) owning or controlling ≥ 25% of shares or voting rights must be fully identified.
Primary Beneficial Owner (UBO) holding ≥ 25% Shareholding
Section 3: Nature of Business & Engagement Scope
Define the commercial profile, business operations, and the professional services required.
Section 4: Source of Funds (SOF) & Source of Wealth (SOW)
Evidence and origin of capital used to fund the business and remit professional fees.
Statutory AML Requirement: Regulation 28(11) of the MLR 2017 requires regulated firms to scrutinize transactions and verify the origin of funds to ensure consistency with knowledge of the client.
Section 5: Statutory Declarations & Digital Sign-Off
Mandatory statutory acknowledgments under the Proceeds of Crime Act 2002 and UK MLR 2017.
Section 6: Identity Verification & Secure Document Route
Encrypted document verification transmission protocol for sensitive proof of ID and address.
Separate Secure Route: In accordance with UK Data Protection / GDPR regulations, sensitive identity documents must NEVER be transmitted over unencrypted email. Documents are received via our secure encrypted compliance intake protocol.
Color copy showing all 4 corners and photo for all registered Directors & ≥25% UBOs.
Utility bill, bank statement, or council tax bill dated within the last 3 months.
Recent bank statement showing entity name and operating bank account.
For overseas corporations or multi-tiered holding companies.