Anti-Money Laundering Policy

ICL Commercial Law Ltd are obliged to conduct customer due diligence (CDD) as required by the Money Laundering Regulations 2007. The reasons for conducting CDD are so that we can better identify our clients, understand the reasoning behind the instructions they give us and to identify any suspicious transactions. We will conduct CDD on all clients who retain us.

ICL Commercial Law Ltd will conduct CDD when:

• establishing a business relationship
• carrying out an occasional transaction
• we suspect money laundering or terrorist financing
• we doubt the veracity or adequacy of documents, data or information previously obtained for the purpose of CDD

What is CDD?
CDD comprises:

• identifying our clients and verifying their identity on the basis of documents, data or information obtained from a reliable and independent source
• identifying, where there is a beneficial owner who is not the client, the beneficial owner and taking adequate measures, on a risk-sensitive basis, to verify his/her identity so that we are satisfied that we know who the beneficial owner is. This includes understanding the ownership and control structure of a legal person, trust or similar arrangement.
• obtaining information on the purpose and intended nature of the business relationship.

Risk-Based Approach
ICL Commercial Law Ltd will:

• determine the required extent of customer due diligence measures on a risk-sensitive basis depending on the type of client, business relationship, product or transaction
• be able to demonstrate that we took appropriate measures in view of the risks of money laundering and terrorist financing

ICL Commercial Law Ltd cannot avoid conducting CDD, but we do use a risk-based approach to determine the extent and quality of information required and the steps to be taken to meet the requirements.

ICL Commercial Law Ltd will only obtain information on the purpose and intended nature of our client’s use of our services when we are in a business relationship with them. However, we will obtain such information to ensure we fully understand instructions and closely monitor the development of each retainer, even if it is for an occasional transaction.

Methods of verification
Verification can be completed on the basis of documents, data and information which come from a reliable and independent source. This means that there are a number of ways we can verify a client’s identity including:

• obtaining or viewing original documents
• conducting electronic verification
• obtaining information from regulated persons

Independent source
ICL Commercial Law Ltd needs an independent and reliable verification of our client’s identity. This can include materials provided by the client, such as a passport.

ICL Commercial Law Ltd will use a wider range of sources when verifying the identity of the beneficial owner and understanding the ownership and control structure of the client. Often only the client or their representatives can provide us with such information. We will apply the requirements in a risk-based manner to a level at which we are satisfied that we know who the beneficial owner is.

Occasionally there may be additional checks and documents required if you are a national or resident of certain countries. We may also check the details you provide with electronic databases, but will inform you of this prior to conducting electronic checks.

Electronic verification
This will only confirm that someone exists, not that our client is the said person. We will consider the risk implications in respect of the particular retainer and may mitigate risk by corroborating electronic verification with some other CDD material.

ICL Commercial Law Ltd uses the services of a third party electronic verification service provider who:

• has proof of registration with the Information Commissioner’s Office to store personal data
• can link an applicant to both current and previous circumstances using a range of positive information sources
• accesses negative information sources, such as databases on identity fraud and deceased persons
• accesses a wide range of ‘alert’ data sources
• has transparent processes enabling us to know what checks are carried out, the results of the checks, and how much certainty they give on the identity of the subject
• allows us to capture and store the information used to verify an identity.

When using electronic verification, we are not required to obtain consent from our clients, but our clients will be informed that this check will take place.

Identification and verification
Identification of a client or a beneficial owner is simply being told or coming to know a client’s identifying details, such as their name and address.

Verification is obtaining some evidence which supports this claim the clients’ identity.

Proof of Identity
So that we can confirm your identity we will need to see one form of ‘evidence of identity’ and two forms of ‘proof of address’. The documents you can provide to prove your identity are as follows:-

Evidence of identity: (One required)

• Current signed passport
• Current full UK driving licence (please bring both sections of a photocard licence)
• Current UK provisional photocard driving licence (please bring both sections)
• photographic registration cards for self-employed individuals and partnerships in the construction industry
• current EEA member state identity card
• Services Identity Card
• National ID card

Proof of address: (Two required)

• benefit book or original notification letter from the DWP confirming the right to benefits
• council tax bill
• utility bill or statement, or a certificate from a utilities supplier confirming an arrangement to pay services on pre-payment terms
• a cheque or electronic transfer drawn on an account in the name of the client with a credit or financial institution regulated for the purposes of money laundering
• bank, building society or credit union statement or passbook containing current address
• entry in a local or national telephone directory confirming name and address
• confirmation from an electoral register that a person of that name lives at that address
• a recent original mortgage statement from a recognised lender
• solicitor’s letter confirming recent house purchase or land registry confirmation of address
• local council or housing association rent card or tenancy agreement
• HMRC self-assessment statement or tax demand
• house or motor insurance certificate
• record of any home visit made
• statement from a member of the firm or other person in the regulated sector who has known the client for a number of years attesting to their identity
• Inland Revenue PAYE Coding Notice
• Benefits book or Benefits Agency/Department for Work and Pensions Notification letter

Confidentiality
ICL Commercial Law Ltd is under a professional and legal obligation to keep the affairs of clients confidential. This obligation, however, is subject to a statutory exception; the recent legislation on money laundering and terrorist financing has placed professional advisers under a legal duty in certain circumstances to disclose information to the Serious Organised Crime Agency. Where a lawyer knows or suspects that a transaction on behalf of a client involves money laundering, the lawyer may be required to make a money laundering disclosure. If this happens, we may not be able to inform you that a disclosure has been made, or of the reasons for it because the law prohibits “tipping off”.