Know-Your-Client (KYC) Rules for Company Formation, Registered office or Corporate Secretarial Compliance Services. AML Compliance and ID Verification Guide

AML Compliance for Company Formation and Corporate Secretarial Compliance Service Provider

How Can Coddan Help?

With our over 20 years of Company Formation experience in business registration industry, Coddan offers wide range of the services for sole traders looking to create a limited liability protection for their business, small businesses looking to create holding structure or to re-structure their business model, as well as overseas multi-national corporations looking to expand and find new markets in the UK.

We can incorporate a private limited by shares or limited by guarantee company for non-UK and British residents across the United Kingdom. The process of business formation involves registering the company with Companies House and providing certain documents and information to pass the ID checks.

Legally required documents and information to kickstart company formation process:

• Proof of ID and proof of residential address for proposed directors and shareholders;
• Company name;
• Company official Registered Office Address;
• Description of a Business activity – Standard Industrial Classification (SIC) Codes ;
• Details of directors and secretaries (if any);
• Share capital, number of shares and shareholder details;
• Details of people with significant control (PSC);
• Memorandum and Articles of Association(M&As);

Our Legal Obligations

CODDAN CPM LTD, being a regulated company formation and corporate secretarial service provider – Trust or Company Service Provider (TCSP) – is obligated to comply with various Money Laundering, Terrorist Financing, Proliferation Financing Legislations.

This necessitates the identification of individuals for whom services are provided, requiring copies of identification documents for each director, shareholder, and beneficial owner of companies being incorporated.

Customers using Coddan’s online company registration portal to incorporate their new legal business entity with Coddan CPM, or requesting registered office address and mail handling services or Corporate and Secretarial Services should be able to provide required documents in a timely manner to make sure incorporation service or additional secretarial services are provided in a timely manner without undue delay.

What documents would you need to provide?

To ensure compliance with the current Anti-Money Laundering Compliance Regulations, we would require the following documents:

• A valid proof of ID: Current valid government issued photographic ID document.
• A valid Proof of Current Residential Address: A recent utility bill, bank statement. Correspondence from an official independent source, such as a central or local government department or agency, is also acceptable.

Depending on the level of services required, or when we will have to apply Enhanced Due Diligence Compliance checks, additional documents – like declaration of beneficial owner, an activity disclaimer, a CV, a confirmation of a source of funds or sanctions compliance declaration may be required.

Although it may all sound confusing, rest assured, our highly experienced team of well-trained professionals will risk assess your service request and communicate specific requirements, so you don't have to figure it out on your own.

Who would need to supply their identification documents?

Once we have received and reviewed your company formation application form whether through our online incorporation gateway or via email, we will write back and confirm to you directly whose IDs would be required. However, for your easy reference, please note that we would usually request identification documents for any of the following:

• Anyone purchasing a company formation package, an address service, or certain company secretarial services (e.g., transfer or issue of shares).
• All directors of the proposed structure.
• All shareholders owning 25% and over of a limited company (LTD, LBG, PLC, Unlimited Company) or a Partnership (LLP, LP, SLP).
• Any Ultimate beneficial Owner of the structure (if different from Directors and Shareholder) or any other person otherwise exercising significant control over the management and/or decision making of the legal business entity.
• Users of our Business Address Service wishing to have mail forwarded to them.

Would any additional documents be required?

Depending on the nationality and residency of the proposed directors, intended activity of the Company we are instructed to incorporate and/or the level of services you require, we may request additional information or documents to fulfil our obligations under the current AML Compliance Regulations.

Documents Verification and Certification Options

Digital ID Verification with UK AML Compliance Software

Coddan CPM is committed to a seamless and efficient identification process, ensuring compliance with the highest standards of Money Laundering, Terrorist Financing, Proliferation Financing Legislations.

Electronic ID Verification: Swift and Convenient process to fast track your company registration application.

To simplify ID verification process, we have partnered with CREDAS – UK AML compliant software provider that offers a state-of-the-art mobile app for digital ID verification, providing a quick and efficient solution for our customers to complete ID verification in a timely manner.

90% of ID Verification request are completed within as little as 5-10 minutes and all you would require is your smartphone and your ID document.

When using the app, we recommend using your passport and a proof of address document dated within the past 3 months.

How CREDAS Works.

It really is very simple! Our Corporate Team will send you an invitation via email with simple instructions on using the CREDAS app.

Utilise the app to digitally verify and send us your proof of ID in just 5 minutes.

For the 10% of customers who are ineligible for the digital ID verification or in case of a failed digital ID check, our Team will contact you to discuss available options.

You can also provide copies of identification documents certified via: Regulated Professional or Post Office.

If you choose to certify documents yourself at the Post Office, notary, or solicitor, follow these steps:

• Certification: Once certified, scan copies of proof of ID and address.
• Forward via mail: Send scanned copies to KYC@CODDAN.CO.UK.
• Send by Post: Post certified copies to our office at the following address: Coddan CPM LTD, Corporate Department, Unit 3, Office A, 1st Floor, 6-7 St Mary At Hill, London, EC3R 8EE United Kingdom.

Certified Translations for Foreign Language Documents

Important to Remember, if your documents originate in a foreign language or have been certified in a language other than English, please note the following:

should you chose to opt for certification of documents by a regulation professional, please keep in mind that any documents that have been issued in a foreign language or that have been certified in a non-English language will need to be accompanied by a certified translation.

In some circumstances, exceptions can be provided for proof of address documents. Utility bills or bank statements issued by a recognisable utility service provider, or a bank are exempt from translation requirements. However, these documents must contain the name and address of the individual written in Latin characters for easy identification.

Being a regulated Company Formation, Corporate and Secretarial service provider, we are not able to process your order until we have completed statutory AML compliance and risk assessment. To help us to complete this process as quickly and as smoothly as possible, we kindly ask you not to delay provision of the required KYC/Due Diligence documents.

Your order will be processed upon receipt of scanned copies at KYC@CODDAN.CO.UK.

At Coddan CPM, we strive to make the ID Verification process as straightforward as possible while maintaining compliance with regulations.

We appreciate your cooperation in upholding compliance with regulatory standards.

If you have any concerns or queries or would like to discuss any specific questions, feel free to give our a call. We will be happy to assist.