Financial crime literature updates

Changes to literature to align with financial crime regulation

We’ve made important changes to some of our application forms and mandates. This is to ensure we are in line with the latest regulation aimed at combatting financial crime. We are committed to fighting financial crime, but we need our customers help in ensuring we have the most accurate and up-to-date information. 

What does this mean for me?

It is essential that we understand our customers and how they intend to use their account, the new regulation requires us to ask more information from you to help us do this. We therefore request that you carefully answer all the questions as fully as possible. We understand that it might take longer than usual to complete your form but we are here to help. Please read the FAQs below to help you complete your form but, if you still have questions please call us on; 0800 092 3300

Which forms are affected?

Please note that Cater Allen will not accept applications from a Credit Union, money service provider, payment services provider or any business that offers related services such as Western Union or MoneyGram.

Also, please do not submit an application for a company which has Bearer share arrangements in place.

Frequently Asked Questions

General

Do I complete my form or mandate in the usual way?

Yes, you will still need to download the latest version from our website to edit the form digitally or print it and send it to:

Cater Allen Private Bank
Santander House
9 Nelson Street
Bradford
BD1 5AN

Can my Intermediary still assist me in completing my application?

Yes, as long as you read and understand all the sections within the form your Intermediary can help you complete it.

Are the new forms available online?

Yes, all the latest forms can be found on the Cater Allen website within Resources > download literature.

Do I need to answer all the questions in the form?

Yes, unless the form tells you otherwise you do need to complete all the questions, or we may not be able to proceed with your application. The questions in the form help us to open your account correctly first time, understand your requirements and help in the fight against financial crime.

Do I need to answer all the questions in a Renewal Mandate?

Yes, you must answer all the questions. We appreciate you are an existing customer however, your details may have changed or if not, we need you to confirm they haven’t by completing all the questions within the Renewal Mandate. If you do not fully complete the Renewal Mandate we will need to return it to you.

How do I complete my full name or any other information if there is not enough space in the box provided?

Please provide your full name or any other relevant information at the end of the form in the ‘Additional Information’ section.

What if I have already completed and sent a form?

We will still accept the previous version of the forms until 16 December, but we cannot process any previous versions after that date.

Personal Customers

How do I complete ‘Through which activities were the funds obtained to open the account’? 

We are asking you to tell us about the initial funds that will be deposited into your new account. Calculate the total funds you intend to open the account with. Tick all the activities which contributed towards the funds and complete the corresponding value. If the funds were obtained outside the UK, you must also list the country the funds originated from eg; wages earned while working in France.

How do I complete ‘Through which activities were the funds obtained to open the account’ for a joint account?

Each applicant must answer this section in relation to the funds they are contributing towards the total initial deposit into the new account. The funds should not be calculated together under one applicant.

‘Your employment and income details’ is split into two similar questions; do I need to complete both? 

The first section on the left is asking about your initial deposit into the account. The second section on the right is asking you about the ongoing or regular deposits into the account, eg; wages. It is possible to tick the same option for each question. 

Do I need to complete ‘Authorised signatories on this account’?

Only complete this section if you are applying for a Cash Hub account.

What is a Key Controller?

A Key Controller is an individual appointed to exercise direct control over a company or business and is a key decision maker.

Business Customers

What is a SIC code?

SIC stands for Standard Industrial Classification, it is a code which provides a description of your company's nature of business. You can find a full list of SIC codes on Gov.uk.

What is a Business Tax Identification Number (TIN)?

Where your business is registered outside the UK, you will need to provide your business tax identification number which is usually found in the top right corner of a tax assessment issued by a foreign tax office or equivalent for the payment of tax in jurisdictions outside the UK.

‘Please tell us your organisation's details’ has two similar questions, do I need to complete both?

Yes, the first question relates to the initial deposit into your new account. The next question is asking you about the ongoing or regular deposits into the account, eg; wages. It is possible to tick the same option for each question. 

Why are the options for initial and ongoing funds split into Personal and Business options? 

This is so that you can clearly identify which funds have been gained through you personally and which have been gained through a business.

How do I answer, ‘What is my actual business turnover’?

Please calculate how much money the business is predicting to make over the next 12 months. Please note, this question relates to the whole business, not just the account and can be an estimate.

What if I am a sole trader or Partnership and not registered with Companies House?

Please ensure you provide the documentation requested in section 10.

How do I complete ‘Please provide a detailed description of what your business does’?

Please provide us with as much detail as possible including what type of work you do within your sector eg; software development within IT sector and what your role is day to day.

What is a Nominee Shareholding agreement?

A nominee shareholder agreement is a company or individual that takes on the role of shareholder on behalf of actual shareholder (company founder)

What is a Joint Venture?

A Joint Venture is a business arrangement where two or more parties agree to pool their resources. In a joint venture arrangement, each of the participants is responsible for profits, losses and costs associated with it. However, the venture is its own entity, separate and apart from the participants' other business interests.

What is a Community Interest Company?

A Community Interest Company (CIC) is a company that wants to use their profits and assets for the public good. A CIC is expected to make a profit or surplus whereas a charity is considered a not for profit organisation which should not profit from the work it carries out.

What does it mean if a business has a consolidated status?

Consolidated status refers to consolidation of the subsidiary’s financial results into those of the parent, such that they are presented as the financial results of a single economic entity i.e. a group.

What does it mean if a business has majority owned status?

A majority owned company is controlled by a shareholder who owns more shares in it than any other shareholder. Majority owned refers to effective ownership or control (e.g. via voting rights or other form of control) by the parent company listed on an Approved Exchange of more than 50% of the share capital of the subsidiary.

How do I answer ‘Approximately how many credit and debit transactions are expected on this account over the next 12 months’?

Please answer this as accurately as possible taking into account regular credits and deposits. We appreciate you may not get this exactly right.

What evidence do I need to provide if I am submitting an application form for a business with a Consolidated Status or Majority Owned Status?

You will need to provide audited annual report and accounts, financial statements or a signed letter from a third-party solicitor or accountant registered with an Approved Professional Body.

Trust Customers

Who are the trustees and authorised signatories?

A Trustee can be an Authorised Signatory but does not have to be, they will be named in the trust deed and we must ID them if they are. An Authorised Signatory can be anyone appointed by the Trustees to assist in the operation of the account but is not named in the deeds as a Trustee i.e. they have no formal vested interest in the Trust itself.

Do I need to provide details for a corporate trustee?

Corporate Trustees are not necessary, but some people like to have them for various reasons. A corporate trustee could be a business or a person who is acting as a Trustee via their business, a typical example being a financial advisor. If the corporate trustee is a business, you will need to provide us with a full list of authorised people.

‘Please tell us your organisation's details’ has two similar questions, do I need to complete both?

Yes, the first question relates to the initial deposit into your new account. The next question is asking you about the ongoing or regular deposits into the account, eg; wages. It is possible to tick the same option for each question. 

Why are options for initial and ongoing funds split between Personal and Business options? 

This is so that you can clear identify which funds have been gained through you personally and which have been gained through a business.

How do I answer ‘Approximately how many credit and debit transactions are expected on this account over the next 12 months’?

Please answer this as accurately as possible taking into account regular credits and deposits. We appreciate you may not get this exactly right.

Pension Customers

‘Source of funds’ has two similar questions; do I need to complete both?

Yes, the first question relates to the initial deposit into your new account. The next question is asking you about the ongoing or regular deposits into the account, eg; pension income. It is possible that you tick the same option for each question. 

How do I answer ‘Approximately how many credit and debit transactions are expected on this account over the next 12 months’?

Please answer this as accurately as possible taking into account regular credits and deposits. We appreciate you may not get this exactly right.

What is a Key Controller?

A Key Controller is an individual appointed to exercise direct control over a company or business and is a key decision maker.

What is a Business Tax Identification Number (TIN)?

Where your business is registered outside the UK, you will need to provide your business tax identification number which is usually found in the top right corner of a tax assessment.