Money Laundering – How to pass the test
Money Laundering – How to pass the test
All clients must pass regulatory anti-money laundering checks

By Kyle Fraser, Trainee Accountant at Hive Business

When joining Hive and going through the new client journey, it is necessary that all clients pass regulatory Anti Money Laundering checks to prove that you are who you say you are. To ensure we comply with our regulations, in the first instance, we will do an online check. To complete these, we will request some information from you including your full name, address, date of birth and country you were born.

If you don’t pass the online check we are required to take further steps. Don’t worry there are a few reasons this could happen such as you’re not on the electoral roll, you’ve recently moved house or the information isn’t correct.

We will ask you to send us a copy of the following:

  • Current valid Passport
  • National identity card bearing a photograph of the applicant
  • Current UK or EEA photocard driving licence

We will also request proof of address dated within the last three months. This can include:

  • Recent utility bill
  • Bank statement
  • Mortgage statements from a recognised lender from the last year
  • HMRC self-assessment letters dated within the last year

However, unfortunately, we can’t accept:

  • Documents with an out of date address
  • Mobile phone bills
  • Credit card statements
  • Provisional driving licence

It is worth noting that you can’t use one form of identification for both name and address, for example, if you provide your driving licence as identification, you must provide another form for your address. Be aware that for different business structures that there are more specific details that we require.

If you would like to find out more about how you can join Hive, please get in touch.

Kyle Fraser
By Kyle Fraser Trainee Accountant
If you have any questions or comments about this article, please get in touch.
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