CLS Anti-Money Laundering Customer Due Diligence

CLS are authorised by the Department of Justice & Law Reform to act as a Trust & Corporate Service Provider (“TCSP”).

We are therefore required to perform Customer Due Diligence (“CDD”) on all business relationships. Consequently, for all company formations and specified company secretarial services, we are required to perform CDD on the company being formed or the specified company secretarial services being provided.

If you are a designated person such as a regulated accountant or tax advisor (as defined below), then we may be able to rely on the Third-Party Confirmation. Otherwise, we must perform full CDD before we can commence providing services. 

Third Party Confirmation

Section 40 of the Act provides that where a customer is introduced to a designated person (CLS) by a “relevant third party” as defined in the Act, then the designated person may rely on the due diligence measures already taken by that third party.

A relevant third party means a person carrying on business as a designated person in the State that is:-

  • A credit institution
  • A financial institution
  • An external accountant or auditor and who is a member of a designated accountancy body
  • A tax adviser and who is also a solicitor or a member of a designated accountancy body or of the Irish Taxation Institute
  • A relevant independent legal professional
  • A trust or company service provider and who is also a member of a designated accountancy body, a solicitor or authorised to carry on business by the Central Bank and Financial Services Authority of Ireland
  • A person carrying on business in another Member State or in designated place under the Act who is supervised or monitored in accordance with the Third Money Laundering Directive

Prior to the commencement of the provision of company formation documentation, CLS will seek the following written confirmation from the third party:-

  • We confirm that we are a relevant third party as defined in the Criminal Justice (Money Laundering & Terrorist Financing) Act 2010;
  • We hereby confirm that we have performed appropriate Customer Due Diligence on this business relationship in full compliance with the Criminal Justice (Money Laundering & Terrorist Financing) Act 2010 and;

If requested to do so, we will forward to CLS, as soon as practicable, any documents (whether or not in electronic form) or information relating to the customer that we have obtained in applying CDD.

Non-Third Parties

If you are not a designated person (as set out above), CLS are required to perform Enhanced Due Diligence as we do not meet you the client in person, when performing the Customer Due Diligence. In order to comply with the requirements of Enhanced Due Diligence, we require the following documentation:-

  • A copy of a passport or drivers license for each Director, Shareholder and beneficial owner;
  • A copy of a utility bill or bank or building society statement for each Director, Shareholder and beneficial owner
  • Beneficial Owner – Written confirmation of the beneficial owner of the company, their name & address.

The above documentation must be certified by one of the following:-

  • Embassy, consulate, high commission
  • Lawyer or solicitor
  • Accountant
  • Bank
  • Gardaí

The documentation must be returned to our offices before we can commence drafting the Company Formation documentation. 

If you have any questions in relation to the above, please contact us on 059-9186776 or formations@clscs.ie 

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