Privacy Policy
Privacy and Data Protection Policy
1. Data Controller: Formations London LTD is the data controller for your personal information.
2. Information We Collect: We collect personal identifiers, financial history (for AML), and technical data (cookies/IP addresses).
3. Lawful Basis for Processing: We process data to fulfill our contract with you, to comply with legal obligations (AML laws), and for legitimate business interests (marketing you have opted into).
4. Data Retention: We are required by UK law to keep client records (including AML checks) for a minimum of 5 years after the business relationship ends.
5. Third-Party Sharing: We only share data with necessary professional partners:
HMRC or Law Enforcement (upon legal request).
Regulated Solicitors and Mortgage Brokers (only with your consent).
6. International Transfers: If we transfer data outside the UK/EEA, we ensure equivalent protection measures are in place.
AML & KYC POLICY
1. Policy Statement: British Asset maintains a zero-tolerance policy regarding money laundering and terrorism financing. We operate in strict accordance with the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2017. 2. Know Your Customer (KYC): We perform mandatory identity checks on all clients. This includes: Individuals: Valid Passport/ID and proof of residency (utility bill within last 3 months). Corporate Entities: Certificate of Incorporation, Memorandum of Association, and UBO (Ultimate Beneficial Owner) details. 3. Source of Funds (SoF): We require documented evidence of the source of investment capital. This may include bank statements, audited accounts, or legal documents proving inheritance or asset sales. 4. Politically Exposed Persons (PEPs): We conduct enhanced due diligence (EDD) on any client identified as a PEP or a close associate of a PEP. 5. Suspicious Activity Reporting (SAR): Our Nominated Officer is legally obliged to report any suspicious transactions to the National Crime Agency (NCA) without informing the client ("tipping off" is a criminal offence in the UK).