Overview
EntreprenrEducation applies anti-money laundering (AML) controls to help prevent financial
crime and to comply with relevant legal obligations.
Money laundering commonly involves three stages:
- Placement: moving cash from its original source into another institution or entity.
- Layering: converting funds into other monetary instruments to obscure origin.
- Integration/Extraction: using false or structured entities to present funds as legitimate.
Customer Due Diligence
We are required to carry out customer due diligence, including steps to identify customers.
Verification data may include:
- Full legal name.
- Official photographic identification.
- Residential address and date of birth.
- Government-issued records such as passport, utility bills, or bank statements.
- Additional checks through electoral registers and credit reference agencies where applicable.
When We Apply Due Diligence
Due diligence checks are applied, including as referenced on gov.uk guidance:
- When establishing a business relationship with a customer or relevant party.
- When money laundering or terrorist financing is suspected.
- When previously obtained identification information is uncertain or inconsistent.
- When customer circumstances materially change.
- For qualifying occasional transactions based on applicable value thresholds.
- For high-value dealing and supplier payment scenarios where thresholds apply.
Business Relationship Requirements
For any short, medium, or long-term business relationship (formal or informal), we may
request information to establish the purpose and intended nature of the relationship.
This may include:
- Business or employment details.
- Source and origin of funds.
- Recent and current financial statements.
- Details of signatories and beneficial owners.
- Expected type and level of activity.
Reporting, Training, and Record Keeping
We are obligated to report suspicious transactions where required by law, regardless of
transaction value.
We train staff and relevant third-party partners to conduct AML checks properly and maintain
legal compliance.
We may request evidence for source of funds and involve legal or accounting professionals
where appropriate. Records of transactions and correspondence may be retained for 5 years
from the end of a business relationship or completion of a transaction.
For current UK compliance details, refer to official guidance on gov.uk.
