As a provider of accountancy services, GrantTree is required to record and cross-check certain information about our clients.
In line with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, we must confirm that money from grants and the R&D Tax Credits scheme is not being used for illicit activity, or claimed under a fraudulent circumstance.
To do this, we must collect three pieces of documentation about our primary client and the beneficiaries of our clients’ businesses. They are two sets of ID* and one proof of address, per person.
It is vital that we collect these documents. Without them, we cannot deliver our services. But we understand that some companies find this process confusing or inconvenient.
To make things easier, we’ve assembled some key information about our anti-money laundering checks into this article. In it we explain how the checks work and which documents we need to run them. We also answer some of the most frequently-asked questions we get from our clients.
If you have further questions about our anti-money laundering requirements, please contact your account manager. They would be happy to help you!
How do anti-money laundering checks work?
The information we collect allows GrantTree to confirm the identity of our main ‘client’ – this is our main point of contact and the person who will be handling the claim on the client’s side – and the Ultimate Beneficial Owners (UBOs) of our clients’ businesses.
UBOs are people who benefit financially from a company’s activities, like generating profits and securing tax relief. They must own 25% or more of a business’s shareholding or voting rights, but won’t necessarily be listed as company directors.
We compare this information against a secure international database, which alerts us if any of our clients are politically exposed or are subject to international sanctions.
How do I identify my company’s UBO?
If you need additional help identifying your company’s UBO, your account manager would be happy to assist you.
What documentation does GrantTree need?
To run our AML checks we need to collect three documents per person: two kinds of ID and one proof of address.
We need two of the following documents to verify the identity of our primary client and the company’s UBOs
- Driving licence
- National ID card
- EU ID card
1x Proof of Address
We also need one document, no older than three months, to verify the addresses of these persons.
- Utility bill
- Bank statement
- Council tax bill
Please make sure that all of the figures and values on the identity documents are legible and clear.
*If your proof of address is a utility bill which includes an MPAN number then you will only need to provide one form of visual ID.
How should I send the documentation?
Our standard practice is to create a private folder where you can upload your documents.
You can also send the documents to us by email.
How often does GrantTree run anti-money laundering checks?
GrantTree is required to perform anti-money laundering checks every year you work with us.
If you are already a client, we will reach out at the start of your next claim to make sure the documents you provided are up to date.
If your organisational structure hasn’t changed at all, we will just need updated proofs of address.
What will happen to the documents I send to GrantTree?
HMRC requires us to keep your documentation on file for six years.
We appreciate this is a long time. Rest assured that your privacy is extremely important to us, and that any documents you send us are stored securely.
What about GDPR?
Under GDPR, companies are allowed to hold onto so-called ‘identity information’ – like passports and birth certificates – if they are legally obliged to do so.
As anti-money laundering legislation requires us to retain these documents, GrantTree is not in breach of GDPR.
Get in touch
Still have questions? Don’t hesitate to get in touch with your account team. They would be happy to help!