Due Diligence

VA Global Business has an obligation under the Prevention of Money Laundering & Terrorist Financing Regulations to ensure that we "Know Our Client" in order to protect ourselves in the event that any of our clients should use a global business structure for the purposes of money laundering, drug dealing, terrorist financing or any other illegal activity. When establishing a business relationship with a client and also on an ongoing basis, we are required to apply appropriate Customer Due Diligence measures on the business relationship, including identifying and verifying the identity of the client and all related parties.

Personal Identification Documentation:

• Proof of Identity (any one of the following):
  • Current valid passport
• Proof of current residential address (any one of the following):
  • A recent utility bill issued (dated less than 3 months)

  Note: PO Box addresses are not acceptable as residential addresses.

• Recent bank reference with mention of satisfactory records (dated less than 3 months)

  Note: The reference should be from a bank with whom the person has been banking for at least two years

• Curriculum Vitae (CV)
• Professional Reference (if available)

  Note: The reference will be needed as part of enhanced due diligence in case client is from high risk jurisdictions.

• Supporting documents to show source of Funds and Source of Wealth (any of the following):
  • Bank Statements
  • Pay-slips
  • Inheritance Documents (if any)
  • Financial Statements of companies where the person is shareholder
  • Loan Arrangements

  Note: As proof of funds/Wealth, any one of the above can be provided (as applicable) or any other document which shows the source of funds for investments being made in the Global Business Company.

  “Source of funds”: Activity or transaction which generates the funds for a customer
  “Source of wealth”: Activities which have generated the total net worth of the customer.

Corporate Identification Documentation

• Certificate of Formation (Including Name, Incorporation number, Date of incorporation and Country of incorporation or registration)
• Official document showing registered office address and principal place of business
• Certificate of Current Standing if the entity is existing for more than 1 year
• The ownership and control structure
• Register of Directors, Shareholders and Secretary (as applicable)
• Identity of the principals including:
  • Promoters
  • Beneficial owners
  • Ultimate beneficial owners
  • Shareholders
  • Company Directors

    Note: The due diligence documents needed for the principals will be same as those for Personal Indentification Documentation

• Letter from the legal person to authorize a person to act on its behalf.
• Copy of the latest report and accounts if available (audited, where possible)
• Copy of the Memorandum & Articles of Association (if adopted).

Certification of documents

Where any of the Individual/Corporate Identification Document is not in an original form, the documentation must be appropriately certified as true copies of the original documentation.

Copies must be certified by a suitable person, such as a lawyer, notary, actuary, an accountant or any other person holding a recognized professional qualification.

The certifier should sign the copy document and clearly indicate his name, address and position or capacity on it together with contact details.

Updated Due Diligence Documents

As part of on-going monitoring, updated Identification Documents will be required from existing clients. Updated documentation is normally required every 3 years unless there is an exceptional reason for which the documents may be required earlier.

Confidentiality

All documents provided to VA Global are kept highly confidential and neither the statutory records of a global business company nor details on the company’s Directors, Shareholders, Beneficial Owners are publicly accessible. The only circumstances under which we are required to divulge such information are in response to a properly authorised investigation which has first been approved by the financial regulator of the jurisdiction concerned or which is required to be provided by law.

Please contact us for more information.