How does M&G verify identity?
We recognise that charities can be set up in a variety of ways:
- A limited company
- A trust with individual trustees
- An unincorporated association run by officers and a committee
The document(s) needed to establish how the charity is set up varies according to your particular circumstances. We also need to verify the identities of the individuals who have day-to-day control over the charity and instruct M&G on the charity’s holding (controllers or signatories).
If we are unable to verify an individual’s identity electronically, we will need separate documentary evidence of his or her name and address. Common examples of documentary evidence for UK residents are:
Personal identity documents:
- Current signed passport
- Residence permit (issued by the Home Office to EU nationals)
- Shotgun or firearms certificate
- EEA member state identity card*
- Northern Ireland voter’s card*
- Current EEA or UK photocard driving licence*
- Blue disabled driver’s pass*
- Current full UK old-style driving licence (not provisional)*
- HM Revenue & Customs tax notification*
Documentary evidence of address:
- Local authority tax bill (valid for the current year)
- Bank, building society or credit union statement or passbook**
- Utility bill or utility statement (not mobile telephone bills)**
- These documents are also acceptable as evidence of address, provided they have not been used as evidence of personal identity.
- Dated in the last three months
When do M&G verify identity?
Financial services firms are required by law to verify the identity of new customers, including any person acting on behalf of a charity.
A firm may also verify the identity of existing customers when it needs to:
- Check customers who joined us before the checks were law
- Check if it is holding out-of-date information for a customer
- Verify a charity’s bank account is in their name
- Verify how a charity is set up and the identities of those running it
- Verify the source of funds (for payments drawn on an account not in the name of the investor)
Why do investors have to prove their identity?
Verifying the identity of our investors means it is more difficult for criminals to access the financial system and use false names, addresses or the identities of innocent people.
We are also less likely to take on customers involved in criminal activities and it helps the police and other law enforcement agencies to detect and investigate crime.