Welcome > ADMA > Your Enquiry > Client Identification & Verification > Identifying directors, shareholders, and owners
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In brief: If you provide legal services to a company in respect of a financial transaction, in addition to verifying both the company’s identity and the individual instructing you on the company’s behalf, you must identify the directors by obtaining and recording all of their names with the applicable date (other than for a “securities dealer” organization). You must make reasonable efforts to obtain, and if obtained, record with the applicable date certain information pertaining to shareholders, ownership, control and structure of a company, and take reasonable measures to confirm the accuracy of the information obtained.
Rules - Definitions: Law Society Rule 3-98.
Rules - Requirement to identify directors, shareholders, and owners: Law Society Rule 3-103.
Practice Resource - Forming companies and other structures - managing the risk
Practice Resource - Red Flags Quick Reference Guide
Practice Resource - Anti-Money Laundering Webinar: See in particular 1:28:00.
Rules - Definitions of “financial transaction” and “money”: Law Society Rule 3-98.
Rules - Exemptions to verification requirements: Law Society Rules 3-99 and 3-101.
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