Money Laundering Regulations 2007 and with the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017 obligates estate agents to implement procedures to prevent money laundering, by confirming the identity and / or identities of all vendors / sellers, landlords and buyers of property.
This means we are legally obliged to have on file, as we are supervised by Her Majesty's Revenue and Customs (HMRC), under the Money Laundering Regulations 2007 and with the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017, the following documents:
Two (2) Forms of Proof of Address i.e., most recent official utility bill and official bank statement.
Identification (Passport or Drivers License)
Proof of Property Ownership (official Freehold or Leasehold document) for vendors / sellers and landlords.
All documents above to be submitted in full colour scan or to be presented in person.
Meaning of customer due diligence measures
Regulation 5 : "Customer due diligence measures” means—
a. identifying the customer and verifying the customer’s identity on the basis of documents, data or information obtained from a reliable and independent source;
b. identifying, where there is a beneficial owner who is not the customer, the beneficial owner and taking adequate measures, on a risk-sensitive basis, to verify his identity so that the relevant person is satisfied that he knows who the beneficial owner is, including, in the case of a legal person, trust or similar legal arrangement, measures to understand the ownership and control structure of the person, trust or arrangement; and
c. obtaining information on the purpose and intended nature of the business relationship.