Money Laundering

Upon your instruction to act in the marketing and sale of your property, we will write to you confirming your instruction with a copy of the terms we have agreed. We will ask you for documents confirming your identity and current address (examples of satisfactory evidence are contained in the terms and conditions provided to you at our initial meeting), together with evidence of ownership of the property to sold, or evidence of your legal authority to act on behalf of the owner of the property to be sold.  This information is required to comply with latest Money Laundering regulations 2017 together with additional amendments which came into effect in January 2020 and must be supplied at the earliest opportunity following instruction.  Whatever strengths another agent may have, such is the increasingly onerous nature of such regulations, you would be unwise to instruct any agent that does not seek to comply fully with these updated regulations.

THE RELEVANT REGULATIONS IN BRIEF BELOW:

  • The UK anti-money laundering regime requirements are set out in the Proceeds of Crime Act 2002 (POCA) (as amended by the Serious Organised Crime and Police Act 2005 (SOCPA)), the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) and the Terrorism Act 2000.

  • On 10 January 2020 changes to the Government’s Money Laundering Regulations came into force. They update the UK’s AML regime to incorporate international standards set by the Financial Action Task Force (FATF) and to transpose the EU’s 5th Money Laundering Directive.23 Dec 2019