Requirements for new UK corporate customers
Before taking on any new customer, all banks in the UK are required by law and the rules of the Financial Services Authority (FSA) to verify the identity of the proposed new customer in accordance with a set of recognized guidelines (the JMLSG Guidance Notes). Under these, the identity of a corporate company comprises:
- Its registered number
- Its registered corporate name and any trading names used
- Its registered address and any principal trading address
- Its directors
- Its beneficial owners and shareholders, and
- The nature of its business.
Accordingly, your application to become an ANZ FX Online customer must be accompanied by all of this information.
If your shares, or the shares of a parent company of which you are a wholly-owned or controlled subsidiary, are listed on any recognized or approved stock exchange, we will need to know which exchange and the name of your listed parent company (if any). In those circumstances we will not normally need to verify the identities of your beneficial owners or directors.
However, in the absence of such listing, we will need to verify the identity of your directors and principal owners (i.e., each person who beneficially owns more than 20% of your voting shares, whether the shares are registered in their own names or not), in accordance with the requirements for verifying personal customers. The identity of an individual comprises his/her name and address, each of which must be evidenced separately.
The FCA website explains this requirement in more detail, but essentially it means that your ANZ FX Online application will also have to be accompanied by the following copy documents in respect of each of your directors and principal owners:
- Passport, or
- UK driving licence, or
- UK Inland Revenue Tax Notification.
- A recent local council tax bill, or
- A recent utility bill (for a fixed service, ie not a mobile phone bill), or
- A recent UK bank or building society statement or passbook.
Each copy document must be certified as "original seen" by an ANZ manager or one of the following in the UK: lawyer, banker, accountant, teacher, doctor or minister of religion.
ANZ FX Online is intended to be used for spot and forward foreign exchange transactions for physical delivery, not for speculation or investment (eg, currency futures, options or other derivatives). In any case, ANZ does not carry out speculative or investment transactions with or for customers unless they, or another member of their Group, satisfy the FSA's criteria for "intermediate customers" (or they are "market counterparties"). This usually means that you, or another member of your Group, has paid-up share capital or net assets of more than 5 million. If you wish ANZ to consider treating you as an "intermediate customer" for these purposes, your application must also be accompanied by your (or your parent company's) most recent audited accounts as evidence that you satisfy this threshold.