Due Diligence Requirements and Process
For your information and pursuant to the Law, we would like to turn your attention to the regulations and procedures that will be necessary for both ends to commence cooperation.
MILS Corporation Limited in compliance with the Anti Money Laundering Regulations 2007, until the most recent amendments, implements control procedures and balances. These procedures and balances are implemented through due diligence documentation of all clients with a commercial appreciation of the practicalities of a business.
Pursuant to the Anti Money Laundering Regulations 2007, it is our responsibility to collect full and thorough due diligence documents of our clients’ identities, residence and nature of their businesses. This is a statutory obligation concerning the prevention of terrorism, drug trafficking and money laundering. In the case where clients are represented by a professional intermediary, (in the context of this text intermediary has the meaning of the Agent or Managing Agent), it is the responsibility of the intermediary to collect the relevant due diligence documents of the client and these documents should be sent to us when requested.
In the event of a newly incorporated company, we require to receive all due diligence documents, by e-mail first, and by post the originals, within 15 days of the order placement so that we can provide you with the incorporation documents of the company.
MILS Corporation Limited is a professional company service provider, abiding with local and international regulations and has been granted an MLR Registration number, 12630155.
For more information on the Anti Money Laundering Regulations, please visit our ARTICLES & INFO section.
Due Diligence we require
- Certified True Copy of the Beneficial Owner’s Passport (Internal Passports of the CIS countries with the page stating/proving the address, and also International passports) and Certified true copy of recent Utility Bill of the Beneficial Owner (except mobile telephone) as a proof or address. The Passport and Utility Bill may be certified either by a Notary Public or a Lawyer or an Accountant or your Banker.
- Biography of the Beneficial Owner and an outline of the business activities of the company (a form with the information required will be provided by us for completion). When sending the biography and business activities, is essential to provide us with a business plan if available).
- Original Bank Reference Letter and/or Professional Reference Letter in favour of the Beneficial Owner, in original, drafted either from a Lawyer or an Accountant or a Banker, with whom a relation was established for more than two years.
- If the shareholder of the company is a legal entity, due diligence certified documentation of the legal entity is required, including documentation leading up to the actual (physical person) Ultimate Beneficial Owner (UBO). the corporate
- Indemnity and Declaration Letter which will be provided by us must be initialised in each page and signed by the Beneficial Owner in original format. The signature of the Beneficial Owner must be witnessed by two witnesses.