Module 2 · Chapter 3

Client Due Diligence on a Company and the PSC Register

When the client is a company, you check the company, the person who instructs you and who controls it. This chapter shows how, and what to do when the public register is wrong.

≈ 7 min read 8-question test

In this chapter

  • What the rules make you check on a company client, and against what
  • Why the person who gives the instructions needs checks of his own
  • What to do when the public register and your own checks disagree

3.1Checking a company client in one paragraph

Merranby is a company, so your client due diligence (CDD) starts with the company: what it is, what it is for and who runs it. Then you check the person who gives the firm its instructions. Last, you find out who owns and controls the company, and compare that with the public record at Companies House. Here the record names only Oliver, the director, and leaves out the trust behind the company.

Key point

Who runs a company and who controls it may be different people. Your checks must find both, whatever the public record says.

Also in this chapter

  1. What the rules make you check on a company
  2. Who may give the firm its instructions
  3. Why the PSC register is not enough
  4. When the register and your checks disagree
  5. Your job

Preview

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