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Seamless Switching Process

Moving your business banking doesn’t need to be daunting. Barclays provides dedicated support to ensure swift and seamless switching for every aspect of your business – no matter its size – enabling you to enjoy the benefits of working with Barclays from day one.

Moving to Barclays Corporate Banking

Making switching to a Barclays Corporate bank account easy

Our team approach and integrated four-step process are designed to ensure minimal disruption to your business when you move to Barclays Corporate Banking. At the same time, it provides an opportunity for us to really get to know your business and how we can start to help you.

If I knew before what I know now, we would have looked at changing our bankers a long time ago. With a Barclays transition team supporting you, moving banks can be an entirely positive experience.

Samantha Aarvold

Head of Financial Control, Guide Dogs

Four easy steps

Your Relationship Director will act as your single point of contact, working with a dedicated Switching Team and Account Opening Team to make the transition as simple and swift as possible.

1

Account Set-up

After confirming the structure / ownership of your business, we will help you to fill in any application forms that are needed, and support you in completing the ‘Know Your Client’ verification process, in line with regulatory requirements.

2

Specialist Product Set-up

Your Relationship Director will undertake a detailed analysis of your business and consider the products and services we can offer to meet your needs, introducing you to our product specialists where appropriate.

3

Account Activity Set-up

Your dedicated Account Opening Team will handle all switching practicalities including:

  • Setting up any standing orders and direct debits according to your instructions
  • Authorising documents and petty cash mandates
  • Requesting any available credit balance from your previous bank1
  • Transferring funds to repay any overdraft at your previous bank1
  • Establishing any borrowing requirements, you may have.

¹Please note: These service levels do not apply if you are transferring a business current account with a secured overdraft.

4

Welcome to Barclays Corporate Banking

Your Relationship Director will be in touch to let you know your account has been successfully opened and will provide all necessary details for you to start transacting.

Your team at Barclays Corporate Banking

Our relationship approach

Once you become a client at Barclays Corporate Banking, you’ll have a dedicated team that works together to understand your business and provide the support you need, when you need it.

Relationship Support Manager

Working closely with your Relationship Director, your Relationship Support Manager can provide product knowledge and access to Barclays’ wider expertise.

Relationship Director

As your strategic support, your Relationship Director provides financial and sector-specific expertise and has authority to progress activity on your behalf. They can also explore with you the full capabilities of Barclays.

Client Service Team

Your Client Service Team is on hand to deal with all your day-to-day transactional banking enquiries quickly and efficiently.

Know your customer: Keeping you safe from financial crime

Barclays – KYC Structure Chart

00:03:30

 

We use our “Know Your Customer” process to identify, verify and gather records regarding your business’ structure and the key personnel who control and own it.

 

It’s a mandatory process that all banks have to go through with new and existing customers, to help protect us all against financial crime.

 

Key Officials of the business, such as the Managing Director and Finance Director, will be asked to complete a ‘Personal Details Form’ and provide identification such as a certified UK passport.

 

The rest of the information we require is then determined by creating a structure chart of the ownership of your business.

 

To help explain this, let’s use the example of the fictional company, ABC Ltd.

 

When investigating the structure we need to identify all individuals who hold a 10% or more shareholding in ABC Ltd.

 

In this case, the company is owned by XYZ Limited, Mrs Red and 123 Limited.

 

As Mrs Red’s shareholding is less than 10%, no further information is required from her.

 

For XYZ Limited and 123 Limited, we’ll need their registration details, including their country of incorporation if they are domiciled outside of the UK. And the upward ownership structure for each entity.

 

XYZ Limited is 100% owned by XYZ Holdings Limited and 123 Limited is 100% owned by 123 Trust, which is domiciled in Jersey.

 

As both entities have shareholdings that have not reduced below 10% of ABC's ownership, we'll need information on their ownership structures too.

 

And in the case of 123 Trust, we'll need the trust deed to confirm the related parties.

 

For the 123 Trust, we need the settlor, all individual trustees and all trust beneficiaries deemed to have a 10% beneficial interest in the income and/or assets of the trust, to complete a Personal Details form.

 

This arm of the structure chart will then be complete, as we have identified the physical individuals who own and control the shares ultimately invested in ABC Ltd.

 

For XYZ Holdings Limited, 75% is owned by XYZ Incorporated, registered in the USA and quoted on the New York Stock Exchange.

 

As these shares are publicly listed we need no further details.

 

However, 25% of XYZ Holdings Ltd is owned by BAR Incorporated, which is also registered in the USA.

 

As this is still a 10% interest in ABC Limited, we'll need to take our structure chart to a further level.

 

BAR Inc is 100% owned by Mr Green who is the ultimate beneficial owner.

 

To identify Mr Green we will ask for personal details.

 

The structure chart for ABC Limited is now complete and we can work with you to gather the rest of the information required to complete the process and help us to deliver on your requirements.

Financial crime is a real and growing danger to banks and their customers, with more than £1 trillion estimated to be money laundered by criminals every year.2

For large-scale financial crime to succeed, monies need to flow through a financial institution such as Barclays, meaning that our customers can be a target. Through our rigorous and legally required Know Your Customer processes, we aim to prevent criminals from accessing and utilising our customers’ accounts.

‘Know Your Customer’ at Barclays

By understanding your business structure, which countries and third parties you deal with, and the banking services you use, we can assess your potential exposure to financial crime and help avoid it.

We have produced three guides to explain our Know Your Customer approach and what information and documentation we may require from you as part of this process:

2 United Nations Office on Drugs and Crime website – February 2016
 

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