Checking ID

T.C.

I know we have discussed this in a previous thread, but just wanted to run by my idea of sending our letters to all my clients requesting a copy of their photo ID when they send me/bring me their 2007/2008 paperwork. What do you think? Or what are your planning to do about this?

deanshepherd

I generally take copies of photo ID at the same stage as getting letters of engagement signed, 64-8s signed, etc..

There are always some clients that fail to give me all the necessary information so I will review the files once a year and write to those with items outstanding.

Now is as good a time as any!

claudialowe

Hi TC

That is what I am planning to do.

I have got a list done with all clients, and aim to get them all ticked off for passport, proof of address and up to date engagement letter when they bring their stuff to me.

Claudia

JodieR

I put in my letters a line asking clients to bring their ID with them when they come to see me so that I can take a copy of it. If they're copying it at home themsleves then they 'could' be copying a fake/altered passport or whatever. I know this is of course highly unlikely, and I'm not saying that I've not got such copies on my files, but if someone was to come and inspect my files I wouldn't want there to be evidence that I informed the client that they could just bring me a photocopy of their ID.
Sorry if that doesn't read very well, but hopefullly you get the point!

T.C.

Thanks for that.
Do I assume from that lack of discussion on this point that most people aren't bothering too much about ID? :huh:

deanshepherd

I think there is a lack of discussion because ID was always required under the old rules so nothing has particularly changed in that regard.

Poodle

Hi,

From the EGM last year it was stated that retaining copies of photo ID was not required to ensure compliance with the money laundering legislation.

If you hold a note in your records that you have asked for, and seen someform of ID and then record the reference number of that item, for example the passport number in your permanent file then this wil be enough for compliance.

Poodle

PS Dean, not sure which image I prefer

Dean

Poodle wrote: »

From the EGM last year it was stated that retaining copies of photo ID was not required to ensure compliance with the money laundering legislation.

If you hold a note in your records that you have asked for, and seen someform of ID and then record the reference number of that item, for example the passport number in your permanent file then this wil be enough for compliance.

This is true but this was under the MLR2003 regulation issued on 01.03.04. Now, from MLR2007 you should retain a 'legiable' copy of client identity i.e. a photocopy you can actually read! I think you can find this under the "Customer Due Diligence" (CDD) section of the legislation.

Regards

Dean