Nexus members due diligence checks – FAQs
Find out more information about the due diligence checks your business will need to complete.
Every business that joins the Nexus community must complete our customer due diligence checks. We have a duty to carry out these checks to comply with UK law.
According to UK anti-money laundering legislation, Nexus is registered as a Trust or Company Service Provider. This means that we must perform due diligence checks.
Your business must complete the checks to activate your membership.
For more information on our legal responsibilities, visit the GOV.UK website or email compliance@nexusleedsltd.co.uk.
Our due diligence checks must be completed by all ‘beneficial owners’ of the business. A beneficial owner is someone who owns over 25% of your business.
If your business doesn’t have any beneficial owners, two company directors will need to complete the checks. In this case, we will also need confirmation of who owns the business. This may be an investor.
The due diligence checks involve a two stage process
Stage 1 – provide contact information and photo identification
We will email you to ask for the following information for each beneficial owner. They will need to provide us with the following:
- Full legal name (including any middle names)
- Date of birth
- Email address
- Mobile number
- Residential address.
- A photo of their photographic ID (e.g. passport, driving license).
This information means we can perform an ID and Business Check via our third-party compliance provider, Smart Search.
If your business is based outside the UK, you will only need to provide full name, date of birth, email address and photo ID.
If there is only one beneficial owner (who owns 25% or more of shares) then a secondary legal entity also needs to complete an ID check (i.e. a Director of the company)
Stage 2 – membership agreement
Once stage 1 has been completed, you will receive a copy of your agreement via email. This can be signed digitally using Adobe Sign and will expire after 7 days.
We can’t create your agreement until all beneficial owners or directors have completed stage 1.
Yes – every business in our community must complete our due diligence checks. This is part of our responsibilities under UK anti-money laundering legislation.
The entire process should be complete within a week.
The Nexus team will let you know once the checks have passed, and you will shortly receive your membership agreement via Adobe. The agreement will expire after 7 days.
The most common reason someone doesn’t pass is due to poor quality photos. Make sure the photos you provide aren’t blurry and don’t include flash.
Another common reason is that full names are not given. Make sure you and your colleagues provide their full legal name when completing the checks.
If someone doesn’t pass the checks, we will do further due diligence work.
A member of the team will be in touch should this happen.
All UK businesses registered as a Trust or Company Service Provider have a legal duty to carry out due diligence checks. Further information is available above.
Your data is stored securely in accordance with our data protection policy. For more information, please email compliance@nexusleedsltd.co.uk.
