AMLG 4.2.2 Who is an applicant for business?
An applicant for business, in relation to a firm, is a person seeking to form a business relationship, or carry out a one-off transaction, with the firm.
Examples of applicants for business
1 A person dealing with a firm on his or her own behalf is an applicant for business for the firm.
2 If a person (A) is acting as agent for a principal in dealing with a firm and A deals with the firm in his or her own name on behalf of a client of the principal, A (and not the client) is an applicant for business for the firm.
3 If an individual claiming to represent a company, partnership or other legal person applies to a firm to conduct business on behalf of the legal person, the legal person (and not the individual claiming to represent it) is an applicant for business for the firm.
4 If a company manager or company formation agent (C) introduces a client company to a firm, the client company (and not C) is an applicant for business for the firm.
|Derived by QFCRA RM/2019-9 (as from 1st February 2020)|