implementing MLR

How do SFS implement MLR?

Company service providers are required to conduct identification checks on customers. Effective ‘customer due diligence measures’ are an essential part of any system designed to prevent money laundering. They are a cornerstone requirement of the Money Laundering Regulations 2007. SFS are responsible for implementing due diligence in the following circumstances-

  • When establishing a business relationship,
  • When carrying out an occasional transaction,
  • Where there is a suspicion of money laundering or terrorist financing; and
  • Where there are doubts concerning the veracity of previous identification information.

If you have purchased a service from SFS, you may be required to complete MLR identification checks.

Company Formation

  • Full company documents

Identifying our customers!

To meet the MLR requirements, we need to identify any individuals or owners of any company that we establish a business relationship with. This is essentially ‘know your client’ and is applied to all clients that we provide continuous services to.

To better ‘know our clients’ we may-

  • Request that a Client Registration Form is completed
  • Request copies of a person’s ID (photo driving licence, passport, utility bills, bank statement etc.)
  • Request that certified copies of these documents are provided
  • Request to meet the individuals involved in the business relationship
  • Conduct identification checks with an identity checking agency

These steps should ensure that we know our clients. However, should we need any further information or identification from you we will contact you to discuss the matter.

Why you need to provide ID?

It is essential that all customers provide the correct identification on request. If we do not have suitable documents on file, we are required to cease providing services.

Registration Form Download

You can find our client registration form at the following link –