The modern business world is one of high-speed transactions. Wire transfers and Internet transactions have combined with the removal of exchange control restrictions to allow a truly global economy to develop. Unfortunately, these undoubted benefits to business have also benefited certain criminal elements in their activities. The response of legislators and regulators worldwide has been to introduce laws and required practices directed at crime prevention as opposed to crime detection. The cornerstone of the efforts has been the "know your customer" principle espoused by the Basle Committee on Banking Supervision and being extended to cover all aspects of financial services activity including company management.

Anguilla is no exception to this trend. Recent legislative developments have made it clear that practitioners who do not have "adequate policies, practices and procedures in place, including strict ‘know your customer’ rules, that promote high ethical and professional standards in the financial sector"¹ will be held partially responsible for any criminal activity pursued through their offices.

C.E.G. Limited agrees with this approach to international financial policing, believing it to be both sensible and practical. Accordingly, we make strenuous efforts to apply the "know your customer" principle in advance of providing services to our clients. Every C.E.G. Limited client is required to complete our Individual and/or Corporate Information Declaration in respect of proposed Shareholders, Directors and Officers of client companies. This information request appears as part of the service request, on a subsequent page.

The information provided to C.E.G. Limited by our clients in respect of this due diligence procedure is confidential and fully protected by the Confidential Relationships Ordinance, 1981 (as amended) which provides for privacy for all professional business relationships. For further client comfort, it is our policy to maintain client confidential files, separate to those for the client company, in which this information will be kept. The information will be used to satisfy regulatory requirements only and will be used for no other purpose.

¹ Basle Committee on Banking Supervision, Basle Core Principle 15.