An interesting question,
Regulated Firms are required to undertake appropriate verification of prospective customers including Identity; address and source of funds. Firms also need to undertake enhanced due diligence if the prospective customer is a politically exposed person.
Part I of the Joint Money Laundering Steering Group guidance notes provide a "safe harbour" for Firms and covers clarity on obtaining standard evidence.
Current bank statements issued by a regulated financial sector firm in the EU or equivalent jurisdiction are acceptable where the Statement is an "Original". The development of paperless facilities has meant that many prospective clients may only receive "on line" statements. Online statements and those printed from Account Services terminals within Bank Branches are not acceptable and an alternative means of verification of address should be obtained.
Care is also needed as any "originals" need to be recent - less than three months old and correspond with the address provided by the prospective customer.
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