Where standard verification is undertaken with respect to an estate, the following “Client Information” will be requested from the Client contact (see Client contact):
Documentation (e.g. Probate, will or letter from a solicitor) confirming the following details:
Estate name
Estate address
Executors
Administrators
Each executor type (e.g. exempt, or nonexempt)
Relationship to client (if not the client), e.g. shareholder
In addition, verification (see Client verification) will be initiated with respect to:
- any beneficial owners (see Beneficial owners); and
- any individuals purporting to act on that estate’s behalf (see Individuals acting on behalf)
Where enhanced verification is undertaken with respect to a client that is an estate, the standard verification process (above) will be initiated with the following addition:
Source of Wealth or Source of Funds (see Source of Wealth) for the client will be requested
Where simplified verification is undertaken with respect to a client that is an estate, the standard verification process (above) will be initiated with the following exception:
client verification (see Client verification ) will not be initiated with respect to any beneficial owners (see Beneficial owners)