Clubs and societies can take many forms and may vary in size and complexity. Examples include sporting clubs, social clubs, or other relatively informal clubs and interest groups, such as a motorcycle enthusiasts’ club.
The type of entity the club or society is will determine the customer due diligence (CDD) that is undertaken. A club or society may be one of a variety of types of entity, for example, a trust. Clubs and societies can be incorporated as protection for members, but this is not a legal requirement.
This fact sheet is to be read in conjunction with the beneficial ownership guideline.