CUSTOMER DUE DILIGENCE (AML)

Why is  Allshores Group asking for documentation?

Allshores Group is required to identify and verify the institutions and individuals to whom we provide our services. We perform these functions to serve the customer and protect, our customers, our business, and the jurisdictions in which we operate from any financial crime. When you provide us with identification, this allows us to provide you with the best possible services ,and to comply with our legal obligations, under applicable laws in Bermuda, the Cayman Islands, Gibraltar and Malta.

 

As with all documentation, some items can expire and become invalid due to the length of time that has passed. Local anti-money laundering and counter-terrorist financing laws require  that we identify and verify  our customers through appropriate customer due diligence measures and ensure the information is up to date and accurate before any services begin or are maintained. Identifying and verifying are not limited to forms of photo identification but form part of broader Know Your Customer (KYC) requirements. 

In order to comply, we may typically ask you for documentation covering:

 

• Identification and verification of all clients and ultimate beneficial owners pertaining to a policy/annuity or service. In relation to an organisation, all formation documentation including connected parties (i.e. Directors, Signing Authorities, Controlling individuals/entities).
• Geographic factors (all nationalities and citizenships, domiciles, residential address). For organisations, registered office, operating jurisdictions, principal address, etc.;
• Clients’ source of funds and source of wealth (evidence of such);
• Ongoing client information and activities (continuously updated over time);
• Maintenance of relevant due diligence documents on file;
• Reasons you are conducting business with us;
• Your connection to the relevant jurisdiction(s);
• Your tax reporting requirements;
• For organisations, the nature of your business;
• Any further information that will help assess information in relation to the prevention of money laundering and terrorist financing.

 

If Allshores Group fails to comply with applicable financial crime legislation, we may face regulatory sanctions, fines or other enforcement action.  Therefore, if we cannot apply customer due diligence measures, we may be required by law to refuse to open an account or transact, delay transactions, or terminate the business relationship. 

 

We strive to work with you and/or the organisation to prevent any disruption to the services provided, however our first responsibility is to the applicable laws and regulations in the prevention of financial crime.
 
Glossary

 

• Criminal proceedings: Formal criminal charges
• Know Your Customer (KYC): This is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship.
• Personal data: Means data relating to an identified or identifiable person who can be identified directly or indirectly
• Predicate offences (indictable offences): Crime that the prosecutor can charge by bringing evidence of it to the grand jury. Which include:
  • Insider trading and market manipulation.
  • Piracy; and
  • Forgery;
  • Extortion;
  • Tax related crimes (related to direct taxes and indirect taxes, evasion);
  • Smuggling; (including in relation to customs and excise duties and taxes);
  • Robbery or theft;
  • Kidnapping, illegal restraint and hostage-taking;
  • Grievous bodily injury;
  • Environmental crime;
  • Counterfeiting and piracy of products;
  • Counterfeiting currency;
  • Fraud;
  • Corruption and bribery;
  • Illicit trafficking in stolen and other goods;
  • Illicit arms trafficking;
  • Illicit trafficking of drugs;
  • Sexual exploitation, including sexual exploitation of children;
  • Trafficking in human beings and migrant smuggling; (forced labour);
  • Terrorism, including terrorist financing;
  • Participation in an organised criminal group and racketeering;

 

• We, us, our, Allshores Group refers to Allshores Limited and its subsidiaries including Allshores General Insurance Company (Bermuda) Limited , Allshores Life and Benefits Company (Bermuda) Limited, Allshores Wealth Management Company (Bermuda) Limited, Allshores Insurance Brokers (Bermuda) Limited, Antes Insurance Brokers (Bermuda) Limited, Island Heritage Retirement Trust Company Ltd., Island Heritage Insurance Company Ltd., BF&M (Canada) Limited, Argus Group Holdings Limited, I.H.S. Laboratories Ltd., Island Health Services Ltd., One Team Health Inc., Argus Group Holdings (Europe) Limited, Argus Insurance Company (Europe) Limited, WestMed Insurance Services Limited. 
  • A list of our subsidiaries and corporate structure is available on our website at www.allshores.com/corporate-structure

 

• You or your, to the individual customer or authorized representative who is purchasing a Policy, using our online services, or otherwise entering into a contract with Allshores Group.