Multi Owner Account

Multi Owner Account

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

The Bank must understand and verify both the initial and ongoing underlying beneficial ownership of multi owner partnership and syndicate accounts. To comply with these regulatory requirements the following account opening procedures are in place:

For syndicates

• If a syndicate has 11 or more beneficial owners, the bank requires the syndicate to be managed by a UK corporate entity. We will need to onboard this company before opening any subsequent Racing B’sank accounts.
• If a syndicate has 11 or more beneficial owners, all parties with a 10% or greater beneficial ownership will be subject to Weatherbys Racing Bank’s full onboarding processes.
• If a syndicate has 10 or fewer beneficial owners, all parties will be subject to Weatherbys Racing Bank’s full onboarding processes.

For partnerships

• If a partnership has 16 or more beneficial owners, the bank requires the partnership to be managed by a UK corporate entity. We will need to onboard this company before opening any subsequent Racing Bank accounts.
• If a partnership has 16 or more beneficial owners, all parties with a 10% or greater beneficial ownership will be subject to Weatherbys Racing Bank’s full onboarding processes.
• If a partnership has 15 or fewer beneficial owners, all parties will be subject to Weatherbys Racing Bank’s full onboarding processes.

Additionally, the Bank is required to understand the nature and purpose of the proposed bank account, the anticipated transactional activity and the origin of the initial deposit and ongoing funding involved. Documentary evidence relating to the source of funds to be transacted may be requested from the underlying members and this will vary depending on the specific level of funding, or where those funds are being received from.

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 Account – 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’.

Syndicate Account – 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’.

Club Account – 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’.