Who needs to complete ID verification?
When ID verification is required and who needs to complete it
Under the The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the London Local Authorities Act 2007, and KYC guidelines, 1st Formations are required to verify the identity and residential address of certain individuals.
This applies to all:
-
Customers - anyone placing an order, whether for themselves or on behalf of another person
-
Directors
-
Persons with Significant Control (PSCs) - individuals holding more than 25% ownership in a company
Frequently Asked Questions
Q: I’m placing the order but I’m not part of the company structure. Do I still need to provide ID?
A: Yes. As our customer, you must complete ID verification.
Q: I’ve previously submitted my ID for another order. Do I need to provide it again?
A: If you have recently submitted valid ID for another order, you may not need to submit it again. However, we will review your account after your new order is placed to confirm whether further verification is required.
Q: What should I do if I don’t have valid ID?
A: Unfortunately, if you are required to complete ID verification, we are unable to proceed with your order without the necessary documents.
Q: What ID do you accept?
A: Click here to learn more.