Dividend and interest instructions

The 2007 UK Money Laundering (ML) Regulations implementing the third ML directive came into force on 15 December 2007. These new regulations introduced to firms the concept of Customer Due Diligence which emphasises the need to obtain identification information about its customers. In Member Services’ case this is you, the members. As a result with effect from 15 December 2007, any existing member providing notification of a change of bank account details directly to Member Services, for instance in respect of interest or dividend payments, must provide copy evidence that the bank account and beneficiary account name correspond to that of the member eg provision of a copy paying-in slip. This applies only to notifications of changes or new account details provided direct to Member Services.