UHIVE Legal Section

KYC POLICY
ANTI-MONEY LAUNDERING REQUIREMENTS

 

UHIVE Limited, 3rd Floor, 3 Shortlands, Hammersmith W6 8DA (“We”) are committed to protecting and respecting your privacy.

This policy (together with our terms of use [LINK TO WEBSITE TERMS OF USE] and any other documents referred to on it) sets out the basis on which any personal data we collect from you, or that you provide to us, will be processed by us.  Please read the following carefully to understand our views and practices regarding your personal data and how we will treat it. By visiting www.uhive.com and downloading our mobile application, you are accepting and consenting to the practices described in this policy.

For the purpose of the Data Protection Act 2018 (the Act), the data controller is UHIVE Limited, 3rd Floor, 3 Shortlands, Hammersmith W6 8DA.

 

 

IDENTITY VERIFICATION

To comply with the Anti-Money Laundering Regulations 2017 (and all amending legislation) (“AML”), we are required by law to conduct AML identity verification of all users and investors. This process is carried out using at least two documents that prove your name and residential address from the list of acceptable documents below.

Type of user / investorAcceptable Proof of Identity Documents
(please provide at least 2 documents from this list)
Individual (UK resident)• Current signed passport
• Birth certificate
• Current photo-card driver’s license
Individual (Non-UK resident) National of:
Any African country:• Notarised ID card and/or Notarised Passport
Any Asian country:• Notarised ID card and/or Notarised Passport (N.B. Japan notarised driving licence)
Any Australasian country:• Notarised driving licence and/or notarised Passport
Any European country:• Certified ID card and/or Certified Passport
Russia:• Notarised Passport
Any North American country excluding USA:• Notarised driving licence and/or Notarised Passport (N.B. Costa Rica Notarised ID card is acceptable)
Any South American country:• Notarised National ID document and/or Notarised Passport
UAE• Notarised ID card and/ or Notarised Passport
United States of America:• Certified or Notarised Passport card and/or Certified or Notarised Passport
Commercial and Non-Commercial
Entities
• Entity name
• Registered or official address
• Company or Charity registration number
• Names of directors/partners/trustees, as appropriate
• Certificate of incorporation
Type of user / investorAcceptable Proof of Address Documents
(please provide at least 2 documents from this list)
Individual (UK resident)• Current photo-card driver’s licence
• Current UK/EU bank, building society or credit card statement
• Current utility bill
• Current council tax bill
• Instrument of court appointment (e.g.: Power of Attorney))
• Household motor insurance certificate
Individual (Non-UK resident)• Government issued ID Card
• Bank Statement
• Utility Bill
Commercial and Non-Commercial Entities• Certificate of incorporation
• Registered office address
• Entity letterhead
• Names of directors
• Memorandum and articles of association
• Each director providing current utility bill/bank statement

 

FUNDS VERIFICATION

To comply with the Anti-Money Laundering Regulations 2017 (and all amending legislation), we are required by law to conduct AML funds verification for all users / investors. This process is carried out using any combination of the documents that prove the origins of the funds you intend to use from the list of acceptable documents below.

Type of user / investorAcceptable Proof of Funds Documents
Salaried Individual• Bank statements to confirm full source of funds to be used in transaction (current account/savings/ISA accounts)
• 6 months’ wage slips and 2 most recent P60 forms
• Copy completion statements / contract of sale if funds are derived from sale of property or other means
Self-Employed Individual• Balance sheets and profit and loss accounts for the last 3 years
• Personal Income Tax Returns for the last 3 years
• Bank statements to confirm full source of funds to be used in transaction (current account/savings/ISA accounts)
• Copy completion statements/contract of sale if funds are derived from sale of property or other means
Self Employed Professionals (Contractors)• Last 6 months’ invoices
• Current valid copy contract
• Memorandum and Articles of Association of company
• Certificate of incorporation of company
• Company and personal tax returns for last 3 years
• Profit and loss accounts for the company for last 3 years
• Bank statements (company and personal) to confirm full source of funds to be used in transaction
Non-UK National• All of the above, as appropriate, plus:
• Last 6 months’ bank statements
• Additional documentation to evidence the source of the funds. E.g.: notarized sale contract for funds that have originated from the sale of land/property/shares, etc.
Commercial and Non-Commercial Entities• Bank statements
• Certified / audited company/entity accounts
• Annual returns
• Evidence of trading income / income

Please note: Proof of funds documents cannot be limited to bank statements alone. For example, if your bank statements show large deposits into your account, we will request clarification and evidence concerning these deposits, which will involve tracing the money back to its original source.

 

What are these funds verification checks?

These checks involve identifying that the source of any funds to be used and thus paid into your [E-wallet] are AML compliant, i.e. identifying that the funds have originated from a legitimate source. To do this, we require documentary evidence as set out above. If, for example, money has been deposited into your account, we still need to check where it originally came from. We are obliged to make these checks under UK legislation and by law can only proceed once we are satisfied that the source of funds has been properly verified.

 

Why are these checks necessary?

Recent money laundering allegations involving major high street banks

Due to recent allegations of money laundering against some well-known banks, e.g. HSBC and Barclays, banks now face millions of pounds’ worth of fines for failing to adopt proper anti money laundering procedures, and individuals who received payments through these banks may also face criminal investigation. Therefore, as a matter of policy and to protect all of our users, investors and staff, we do not rely on a bank’s checks against funds unless details of the checks made have been provided to us in writing.

Government legislation and professional regulations

Under government legislation and the rules of our regulatory body, the Financial Conduct Authority, we are required to carry out rigorous checks as part of our anti money laundering procedures. Whenever we deal with a property transaction where private funding is involved, we are obliged to identify the source of funds.

 

What do we do with your documents?

Your documents are held on file and will not be released to any third party without your prior consent unless required by law. Upon receipt, your documents will be reviewed. The turnaround time to review documents is 48 (UK business) hours. However, this may be longer subject to the number and length of documents provided. Once we have completed our review, we will let you know whether the documents you have provided are AML compliant. If they are not, then further supporting documents will be requested from you and your cooperation in promptly providing these will be greatly appreciated. We will make a final determination on whether the documents provided are acceptable and we thank you in advance for your patience and understanding during this compulsory process.

If for any reason you do not pass the compliance checks, we reserve the right to take such steps as detailed in or general terms and conditions [LINK TO GENERAL TERMS AND CONDITIONS].

 

Who can notarise or certify my ID documents?

You must take your original ID document(s) to a reputable and recognised lawyer/notary that is registered in the country in which you both reside. The lawyer/notary must notarise or certify the document (as required) using the following wording: ‘I certify this document to be a true copy of the original’.
Please note, any other wording (or lack of wording) included in the notarisation or certification which is inconsistent with UK or European procedures will be unacceptable and will not satisfy AML compliance requirements.

A website link and email address for the lawyer/notary should be provided when you send us your notarised or certified ID document(s) so that we can check and verify the identity of the lawyer/notary.



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