Required documents for business and private clients

All business applications require the following documents

  1. Fully completed business account application signed by a director, company secretary, member, proprietor or partner of the business: Someone who has the authority to bind the company
  2. Address verification (bank statement, utility bill from a recognized provider or site visit form) of business trading address, dated within the last three months if the trading address is different from the registered address.
  3. Photo ID for any ultimate beneficial owner who owns 25% or more (if account is deemed low risk) or 10% or more (if the account is deemed to be high risk) not applicable for regulated entities

 

​​In addition to the above, depending on entity type the below is required;

 

Sole Trader/Proprietor

 

An unincorporated business owned by one person. The owner operates the business under his/her name or a trade name and has complete control over the business.

Required documents:  

  1. Copy of Registration of sole trader with the Inland Revenue as self‐employed – Most recent Self‐Assessment tax return or VAT certificate issued when trading commenced

 

​​Partnership

 

An unincorporated business where two or more people share ownership. Each partner is self‐employed and takes a share of the profits. Unlike a limited company, a partnership has no legal existence distinct from the partners themselves.

Required documents:  

  1. Photo ID for all partners – Valid passport or UK photo card driving license
  2. Copy of Registration of Partnership with the Inland Revenue as self‐employed – Most recent Self‐Assessment tax letter (for each partner) or VAT certificate issued when trading commenced
  3. Partnership Agreement (only required when percentage of ownership is not split equally)

Limited Liability Partnership (LLP)

 

Similar to a Partnership in most respects (owners are known as members). The difference is that liability is limited to the amount of money they can have invested in the business and to any personal guarantees they have given to raise finance.

Required documents:  

  1. Designated member must sign the form

 

Limited Company

 

Limited companies exist in their own right, distinct from the shareholders who own them. This means their finances are clearly separate from the personal finances of their owners. Shareholders may be individuals or other companies.

Required documents: 

  1. No additional requirements​

 

Public Limited Companies

 

Must have at least two shareholders. PLCs can offer shares to the public.

Required documents: 

  1. If listed, confirmation of companies listing on a regulated market/ a recognised stock exchange​

 

Regulated Entities 

 

Financial Services Institution authorized by the Financial Conduct Authority

Required documents: 

  1. Confirmation of companies listing on FCA register

 

Charities

 

Required Documents

  1. Charity must be registered with the Charity Commission for England and Wales or the Scottish Charity Regulator
  2. Application form must be signed by a charity trustee that is listed on the charity commission report
  3. We require a valid photo ID for the trustee that signed the application form and one other charity trustee

All personal account applications require the following documents:

  1. Fully completed personal account application signed by the individual(s) Note: Secondary contact is not mandatory – accounts can be opened as sole accounts or joint accounts.
  2. Valid Photo ID(s)
  3. We may need a proof of address dated within the last 3 months. This will be either a bank statement or a utility bill (not a mobile phone bill) from a recognized provider. For a joint account, one document with names of both individuals or two separate documents for each individual will be required.
  4. The below is for your reference

Potential reasons for requesting additional information

  1. Identity check score
  2. Size of trade(s)
  3. Currency being sent
  4. Beneficiary country
  5. Reason for transactions​

 

Reason for transactions (RFT), Source of funds (SOF) and Source of wealth (SOW)

 

We would accept the following documents as examples:

  1. Fully signed sale or purchase agreement
  2. Solicitors letter
  3. Invoices (car, art, jewelry etc purchases)
  4. Depending on the reason for payment, a bank statement showing the funds on account may be accepted

 

Overseas Clients

 

Based on the individuals profile and the documents provided, will determine whether we accept 1+1 (1 photo ID & 1 address verification) or certified documentation. This will be reviewed on a case by case at compliance’s discretion

For some overseas private individuals we may still require 1+1 certified by a professional:

  1. Lawyer
  2. Actuary
  3. Chartered Accountants
  4. Official of the embassy, consulate or high commission of the country issuing the passport
  5. Bank, Credit or Financial Institution

 

Reason for transactions (RFT)

Clients looking to trade over £350K will be asked to provide RFT before trading. Whilst we will request all documents up front, in some cases, clients will not be able to (sale not been completed) or will not be willing (in touch with another broker) to provide these details until a later date.
This will not stop the account being approved by Compliance. In these cases, Compliance will set up the account with a trading limit of £50k & will add a note on the account explaining we are awaiting RFT before limit is to be increased. It will be the responsibility of the AE to ensure that the documentation has been obtained before trading the client.

*Address verification- Bank statement or utility bill (from a recognised provider) dated within the last three months in the individual's name showing their residential address- mobile phone bills are not accepted