All investors want safe and secure investments, and at Whiskey & Wealth Club we take compliance and safety very seriously. In this blog we talk through the various regulations and processes we follow to ensure your investment is protected.
The buying and selling of cask whiskey fall under HMRC regulation. In addition to this, although the cask whisky industry is not regulated by the FCA, we aim to hold ourselves to FCA standards wherever possible. We also have a full due-diligence protocol in-house to ensure potential investors are legitimate. This includes conducting substantial checks including Know Your Customer (KYC) and Anti-Money Laundering (AML) before taking on a new client.
All distillery partners we work with at Whiskey & Wealth Club adhere to strict laws imposed by HMRC. HMRC regularly carry out distillery audits, alongside regular site visits from Whiskey & Wealth Club and our clients. This ensures we are dealing with reputable distilleries and excise warehouses.
Employing several different methods like HMRC Excise Movement and Control Systems (EMCS) such as DRAMS to make sure no cask number can be duplicated, your investment security is always front of mind. This technology also gives full visibility of maturing whiskey – down to the location of every cask. With audit trails to keep records in order, and DRAMS even completes Government Excise Reports.
Any reputable cask whiskey investment organisation will hold all appropriate licences with HMRC and undergo a rigorous application process to do so. The compulsory license that must be held is a Warehousekeepers and Owners of Warehoused Goods Regulations (WOWGR).
Using the top specialists in the UK, it took us eight months to attain a WOWGR. Requiring in-person interviews with HMRC, site visits, background information, business plans and applications the size of a phone book, it is a rigorous and detailed process.
Following data privacy guidelines, we’re regulated for the information we store, including where and how it is kept. Far deeper than standard GDPR practices, we invested over €150,000 to upgrade our office to a fully paperless operation with a custom-built CRM to adhere to these strict regulations.
Protecting our clients
Finally, we always put the protection of our customers at the forefront of every interaction. At Whiskey & Wealth Club we have a wealth of knowledge. If you are worried that you’ve had false information from another company or would like to discuss any of the above regulations, please contact our head office on: +44 203 129 1639.