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JimLawyer
JimLawyer, Solicitor
Category: Law
Satisfied Customers: 5470
Experience:  Senior Associate Solicitor
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I have a question about KYC. So my company is going through

Customer Question

Hello! I have a question about KYC. So my company is going through KYC process of one contractor and they asked to send them scan of id of the shareholders with significant control. Is it legal? Why do they need id, if we are singing the agreement between companies, not between persons
Assistant: Has anything been officially filed? If so, what?
Customer: Not yet
Assistant: Anything else you want the Lawyer to know before I connect you?
Customer: That’s basically it
Submitted: 7 days ago.
Category: Law
Expert:  Nicola-mod replied 7 days ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Expert:  JimLawyer replied 7 days ago.

Hello, my name is ***** ***** I am a qualified lawyer happy to help you today.

It is to ensure the identify of the contractor to prevent money laundering and to ensure that adequate due diligence is carried out. It is all about risk so if shareholders have influence or control over a company, it is normal for their ID to be requested as part of the due diligence measures. The companies are legal entities but it is the directors and shareholders who make the decisions on behalf of the company. If you refused the ID then the contractor is unlikely to agree to do business.

I hope this answers your question – if so could you please click 5 stars at the top of your screen, that will give me a rating on the site and I can answer any follow up questions at no extra charge.

Many thanks,

Jim

Customer: replied 7 days ago.
Jim, thank you. Is it any legal document (law), where it says its obligatory to provide ID?
Expert:  JimLawyer replied 7 days ago.
Expert:  JimLawyer replied 4 days ago.

I hope I have answered the question to your satisfaction. If so could you please rate the answer (5 stars on your screen). It won’t cost extra to give the rating and I will be credited for helping you. You can come back here for any follow up questions.

Many thanks,

Jim