United Kingdom: corporate bank account opening

For a UK company, obtain registered particulars, constitutional information and the names of its directors and relevant senior managers. Regulation 28 sets out the corporate CDD requirements and exceptions. The Companies House guide explains the company profile, confirmation statements and PSC information.

Resolve ownership beyond the public filing

Identify beneficial owners and take reasonable measures to verify them. Understand the ownership and control structure. Use PSC information alongside shareholder and control records; do not rely solely on the central register to meet the beneficial-owner obligation.

Where a company reports a transfer absent from its latest filing, request the updated register of members and transfer documents from the company. For a corporate shareholder, obtain the relevant records for that ownership layer.

Verify anyone acting on the company's behalf and their authority under regulation 28(10). Obtain the bank mandate or board resolution naming the operators and any joint-signature limits.

Acceptance and monitoring

Record the account purpose, anticipated payments and source of initial funding. Regulation 33 requires enhanced measures for specified higher-risk situations; PEP cases also have their own approval, source-of-wealth and source-of-funds provisions. Resolve material findings before approval.

Apply regulation 30's verification timing and regulation 31 where CDD cannot be completed. Record the reason and controls for any permitted delayed verification.

Monitor transactions under regulation 28(11). Refresh ownership or authority evidence when it changes and investigate payments inconsistent with the customer's business and expected activity.