Multi Owner Account

Multi Owner Account

This allows partners and managers to run all the owners’ shared racing-related transactions through one bank account. This account is available to syndicates, clubs and racing partnerships.

 

Multi Owner account types

Below are the BHA ownership definitions – which we also adopt – to help you identify the correct ownership type when opening an account with us:

Racing partnership – defined as ‘a group of individuals who are known to each other and wish to operate a Multi Owner Account to support their racing interests’.

Racing syndicate – defined as ‘a form of shared racehorse ownership where the Syndicator is paid for their role and/or the method of attracting members includes invitations to the public’.

Racing club – defined as ‘an entertainment associated with racehorses, where the members acquire no ownership rights to, or lease an interest in, any racehorses but may acquire certain benefits such as the sharing of prize money’.

 

To meet UK anti-money laundering obligations , Weatherbys Racing Bank is required to carry out initial and ongoing due diligence. As part of this, we may contact the syndicator, partners and members of Multi Owner Accounts from time to time.

While we will make this as convenient and straightforward as possible for our clients, completion of this ‘know your client’ due diligence process is a mandatory UK regulatory requirement.

In addition, we may need some clients to complete additional enhanced due diligence checks . Should this be needed, we will guide you through the process.

 

For syndicates

• Weatherbys Racing Bank has no limit on syndicate size. Syndicates of any size can open accounts directly with Weatherbys Racing Bank. We no longer require you to incorporate as a limited company, but this may still be the preferred option for some syndicates.
• Accordingly, there are now two options when opening a syndicate account with Weatherbys Racing Bank, depending on how the syndicate intends to be managed:

 

• • Option 1: Syndicate that is managed by an individual known as the ‘syndicator’.
    • We will fully onboard the ‘syndicator’ as the client of Weatherbys Racing Bank.
    • We will require all members of the syndicate to provide basic details such as name and address, date of birth, contact details, nationality, employer and occupation.

 

• • Option 2: Syndicate that is managed by a ‘corporate syndicator’ (UK limited company/corporate entity).
    • We will fully onboard the UK corporate entity / limited company as the client of Weatherbys Racing Bank.
    • We will ask all members with a 10 per cent or greater share of the syndicate to provide basic details such as name and address, date of birth, contact details, nationality, employer and occupation.

 

• It will be the responsibility of the individual syndicator or corporate syndicator to keep Weatherbys Racing Bank up to date with any membership changes within the syndicate throughout the lifespan of the account.

 

For partnerships

• Weatherbys Racing Bank has no limit on partnership size. Partnerships can open accounts directly with Weatherbys Racing Bank. There is no longer a requirement to incorporate or appoint a third-party administrator.
• We will fully onboard the ‘lead partner(s)’ as the client(s) of Weatherbys Racing Bank.
• We will ask other members of the partnership to provide basic details such as name and address, date of birth, contact details, nationality, employer and occupation.
• The lead partner(s) will be responsible for keeping Weatherbys Racing Bank up to date with any membership changes within the partnership throughout the lifespan of the account.

 

For racing clubs

• Weatherbys Racing Bank has no limit on racing club size. Racing clubs can open accounts directly with Weatherbys Racing Bank.
• We will onboard the ‘racing club manager’ as the client of Weatherbys Racing Bank.

 

Additionally, we may request documentary evidence from the underlying members relating to the source of funds to be transacted. This will vary depending on the specific level of funding, or where those funds are being received from.