Anti-Money Laundering · glossary
Using another regulated firm’s identity checks instead of repeating them. It covers identity only, never source of wealth or the PEP measures, and the firm stays liable. Merranby’s trustee offered a letter for the firm to rely on. Beneficial Ownership Record, paragraph 6 · Chapter 4 · see Certified copy
Explained in Chapter 4, Beneficial Ownership: Offshore Companies and Trusts, of Anti-Money Laundering.
The trustee is regulated in Jersey, so it has already checked the settlor and the beneficiaries. It may let the firm use those checks. Reliance means using another regulated firm’s identity checks instead of repeating them.Read Chapter 4, Beneficial Ownership: Offshore Companies and Trusts →
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