Know Your Customer
Barclays – KYC Structure Chart
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 then 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.