Due diligence, KYC and AML

First Offshore Ltd and professional providers involved in an order use risk-based due diligence with regard to the Money Laundering Regulations 2017, the Proceeds of Crime Act 2002, sanctions law and rules in the relevant country.

Who is identified

For an individual, we establish the name, date of birth, citizenship, address and tax residence. For a company, we review registry information, directors, shareholders, beneficial owners, account signatories and the ownership chain to the relevant individuals.

Where a representative acts for the client, we also need the representative’s identification and evidence of authority.

Documents that may be required

• passport or another accepted identity document;
• proof of residential address;
• company documents and a registry extract;
• распределение долей в капитале and beneficial-owner information;
• business description, website, CV and professional experience;
• contracts, invoices, counterparty information and expected payments;
• the owner’s source of wealth and source of funds for the project or transaction.

Business profile and service purpose

We ask why the company is being formed or purchased, where customers and suppliers are located, which goods or services are sold, and the expected currencies and payment volumes. This information is used to select a registered agent, bank, EMI or another provider.

Standard and enhanced review

The scope depends on the country, service, ownership structure and transaction. Enhanced due diligence may apply to a complex structure, politically exposed person, high-risk country, regulated activity or unusual transaction.

Screening may cover sanctions and PEP lists, public company registers and other lawful sources. A possible name match is reviewed with the available identification data.

Source of wealth and source of funds

Source of wealth explains how the owner built overall wealth, such as business income, salary, dividends, investments, a property sale or inheritance. Source of funds explains the origin of the specific money used for the service, company capital or a transaction.

Evidence may include tax returns, financial statements, bank statements, sale agreements, dividend records, salary information or investment documents.

Ongoing review

Information is updated when owners, directors, activity or payment countries change, or when a provider requests a periodic update. A transaction review may require a contract, invoice, transport document or another record explaining the payment.

Outcome and confidentiality

After sufficient information is received, we identify the services and providers that fit the project and prepare documents in the agreed format. Where a law or provider rule prevents an instruction, we explain which part of the project can continue or be adjusted.

KYC and AML documents are used for professional review and shared only with participants who need them. Where the law restricts disclosure of an internal analysis or a report to an authority, that restriction applies.