SeedLegals Partner Program
We’re proud to launch the SeedLegals Partner Program! With the launch of this new initiative we will now be able t...
Confirmation that you have completed AML (Anti-Money Laundering) and KYC (Know your Customer) checks are a requirement for application under the Government’s Future Fund. Even if you aren’t applying for the Government’s Future Fund, it’s still good practice to comply with AML regulation and KYC requirements during your funding round (this is mandatory for most investors), and run through the checks whenever you are accepting investment or going into business with anybody new.
Read on for our guidelines…
The collective AML framework is designed to combat money laundering, terrorist financing and threats to the integrity of the financial system. The legal obligation to evaluate risks associated with money laundering and terrorist finance, through carrying out AML checks, is placed on anybody operating in the following businesses: Credit institutions, Financial institutions, Auditors, insolvency practitioners, external accountants and tax advisers, Independent legal professionals, Trust or company service providers, Estate agents, High value dealers, Casinos, Businesses carrying out cryptoasset activities, Art market participants, and Letting agents. If you fall under one of these regulated categories, you should seek further advice from your regulatory authority.
Where AML checks are designed to ensure that no monies you are receiving have come from criminal or terrorist activity, KYC checks specifically verify the identity of your customers and investors together with their financial activities and any risks they may pose.
Compliance with AML is always required for service professionals, such as solicitors and accountants representing clients. There is no legal onus on all companies to carry out AML checks, but we do encourage all companies to take steps to ensure that the monies that you are receiving haven’t come from any criminal or terrorist activity. It’s good housekeeping.