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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.
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It's contained within the money laundering regulations 2007
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