The regulations oblige us to hold records confirming the identity of a client and, where relevant (for example with a company or a trust), also to vouch the identity of the additional persons involved with the client. We additionally undertake an initial, and ongoing, risk assessment in relation to each client.
These requirements apply without exception. In no circumstances will we undertake work where the obligations have not been satisfied.
As relevant professional advisers under the regulations, we are subject to the privilege reporting exemption which applies to knowledge of a client’s affairs gained by us in the course of providing advice to the client concerning their rights and obligations in respect of tax and other laws. The exemption means that we are not subject to the obligation which is imposed on some other advisers to report known, or suspected, criminal offences to the authorities. The exemption most often applies when we advise in relation to actual or possible tax investigations, including those where it is alleged that fraud or other serious irregularities have occurred.
Where we provide our services directly to a private client, the forms of identification required by us from the client and, where applicable, from the additional persons connected with that client, can be found in this PDF.
Where we provide our services to another regulated intermediary, such as a firm of accountants, solicitors or trustees, and the advice or other services are of a general nature for use by that intermediary, it is the intermediary which is subject to the identification requirements.
Where our services are provided in relation to a specific client of that intermediary, the regulations require us to observe the identification procedures in respect to that specific client. This applies regardless of whether our primary contractual relationship is with the intermediary or directly with their client. We are, however, permitted, at our discretion, to rely instead upon a regulated intermediary’s own client due diligence.