Posts Tagged ‘Anti money laundering checks’

Letter to you

Sunday, January 10th, 2010

Attention,

I am *** ***, Principal Assurance manager for a reputable Bank in Hong Kong. I am contacting you with regards to business transaction I want us to execute,it is in respect to a dormant account which amounts to Twelve Million, Four Hundred Thousand Euros belonging to my late client who shares similar Surnames with you.

I was given an ultimatum from the Bank to provide a member of his family and all efforts to locate any has been proven Unsuccessful.

I want to present you as a surviving family member to enable you put a claim to the funds.

Please kindly indicate your interest for more information by responding to my private email address

Yours faithfully,

Tags: Anti money laundering checks, emails, KYC
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From Manager

Friday, January 1st, 2010

I wonder what we could all do with $15million? (more…)

Tags: Anti money laundering checks, KYC
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Buying a Business

Thursday, December 10th, 2009

Buying an established business that someone else wishes to sell provides a path that many follow to fulfil the desire to enter into business or expand existing operations. Like buying a second hand car or house the need for care and due diligence is essential as this could represent the opportunity to achieve ambitions, but could also be the route to financial disaster, as Lloyds Banking Group discovered after they had acquired HBOS – seemingly with little attention to the financial situation of their acquisition.

Advantages of buying a business
One of the main reasons for buying an existing business is the partial elimination of the time and stress in establishing and growing a business. While the initial outlay may be greater this is almost certain to be represented by underlying assets. Any deficiency in asset value is normally represented by what is known as ‘goodwill’ – the difference between the price of the business and the underlying value of the net assets. That is the price of being able to operate an existing business and generate cash flow and profits. It may also be easier to secure financing for an existing business, provided there is a positive track record and the purchaser is considered a suitable person or company for running the business successfully.

A new business may be acquired through a franchise. Other business types include internet or mail order businesses.

Disadvantages of buying a business
Often the biggest hurdle to buying a small business outright is the initial purchasing cost. As the business concept, customer base, brands and other fundamental work are already established the financial costs of acquiring an existing business are usually greater than starting one from nothing. Other possible disadvantages include hidden problems associated with the debtors or stock that may not be worth what they are valued at. Good research and professional advice are essential ingredients on the path to acquiring a business.

Other disadvantages of buying an existing business include:

(more…)

Tags: Anti money laundering checks, Bank account, Corporate ID fraud, Due diligence, KYC, National Insurance Contributions, tax credits, tax relief, UK VAT
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The Role of Banks in the Inward Investment Process

Thursday, November 12th, 2009

“In an increasingly difficult business climate, it comes as no surprise to learn that there has been a huge impact on inward investment into the UK. Combined with the strengthened pound over the last 18 months, we can but guess when we will see a successful turnaround.

In such turbulent times, it is vital that the banks make matters easier for inbound companies looking to invest in the United Kingdom. Understandably, there are procedures in place to prevent carousel fraud, money laundering etc, and these must be adhered to. However, we often hear from many banks how their “easy-open”, “seamless and, “relatively painless” account opening processes are, but, – it is very important that this happens in practice if the banking industry wants to support the UK’s image as a destination for inward investment.

One of our clients chose to use their own bank in their home territory Canada to help them in the UK as they thought, this would speed the process up due to familiarity, continuity etc. Interestingly, the Canadian bank encountered more issues, even with their own affiliated UK counter-part.

The Inward investment department of a different bank issued a 22 page form and requested the client to complete the questions. After much back and forth, when the process was nearly at a close, the bank, informed our client that their proofs of identity were subsequently now out of date. The entire process had taken over 4 months, however the bank had not warned the client of the danger of the ID expiring earlier in the process.

When we approached another bank to open an account for a different, foreign owned company, the bank requested that the directors present themselves to the bank by “walking in to the local branch”. Naturally, this was not possible, as the client was based in the United States – not Reading.

This is very surprising in light of the fact that the United Kingdom is placed 6^th in Ease of Doing Business, with Singapore in at first place, followed by New Zealand and the United States in second and third. (more…)

Tags: Anti money laundering checks, Bank account, Identity theft, KYC
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Posts Tagged ‘Anti money laundering checks’

Letter to you

From Manager

Buying a Business

The Role of Banks in the Inward Investment Process

International

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