Requirements for sellers/purchasers/landlords

Anti-Money Laundering (AML) Requirements for Sellers, Buyers and Landlords

Estate agents are legally required to comply with the Money Laundering Regulations, which are designed to prevent property transactions from being used for money laundering or terrorist financing.

As part of these regulations, we must carry out Customer Due Diligence checks to verify the identity of our clients and, where applicable, establish ownership, source of funds and other relevant information. These requirements are overseen by HM Revenue & Customs (HMRC), the supervisory authority for estate agency businesses.

The checks required will depend on the circumstances of each customer and transaction. We use a secure third-party verification provider to assist with this process, and you will be guided through any information or documentation required. In some circumstances, additional checks or supporting documentation may be necessary.

Sellers

Before we can begin marketing your property, each legal owner is required to complete our Customer Due Diligence (CDD) process. Where a property has more than one owner, checks will be required on each owner.

These requirements also apply where you are acting as:

• An Executor or Administrator of an estate
• An Attorney under a Power of Attorney
• A Trustee
• A representative of a charity

Where applicable, we may need to verify the identity and authority of those acting on behalf of the legal owner and request additional documentation, such as probate documents, trust documentation, Powers of Attorney or details of charity trustees.

Where the property is owned by a company or other legal entity, additional checks may be required to establish its ownership and control, including identifying relevant directors and beneficial owners.

Buyers

Before a sale can be formally agreed (subject to contract), each purchaser is required to complete our Customer Due Diligence process.

We are also required to establish the source of funds being used for the purchase and, where appropriate, the source of wealth. Depending on your circumstances, supporting documentation may include:

• Recent bank statements
• Mortgage documentation, where applicable
• Evidence of savings, investments or the sale of another property
• Information relating to gifted funds or third-party contributions
• Other supporting documentation where appropriate

Where there is more than one purchaser, checks will be required on each individual. Additional information or verification may also be required where funds are being provided by another person or where the purchase involves a company, trust or other legal entity.

Landlords

Before we can begin marketing your property to let, we are required to undertake appropriate Customer Due Diligence and verification checks on the landlord(s).

We will also require confirmation of ownership of the property, which may include:

• A mortgage statement
• Official Land Registry documentation
• Title deeds
• Other acceptable evidence of ownership

Where a property is jointly owned, checks will be required on each owner. Where a landlord is a company, trust or other legal entity, additional information may be required to establish ownership, control and authority to act.

The extent of the checks undertaken will depend on the circumstances of the landlord and the property, together with the applicable legal requirements.

High-Value Lettings

For lettings where the monthly rent is €10,000 (or the equivalent in another currency) or more, we are legally required to carry out enhanced Anti-Money Laundering checks on both the landlord(s) and tenant(s) before the tenancy begins.

These checks include verifying identity, understanding the nature of the business relationship and identifying any beneficial owners, where applicable. Additional or enhanced checks may be necessary depending on the circumstances and assessed level of risk.

Financial sanctions requirements apply to landlords and tenants regardless of the monthly rental amount.

Your Personal Information

Any personal information collected to satisfy Anti-Money Laundering requirements will be used for the purposes of complying with our legal obligations, including the prevention of money laundering and terrorist financing.

Your data will be processed in accordance with the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018. Where necessary, information may be shared with our appointed verification providers to enable the required checks to be completed.

Tenant Referencing and Verification

All prospective tenants are required to complete our referencing process, which is managed securely through our referencing partner. This process includes identity verification, affordability checks and Right to Rent checks where applicable, together with financial sanctions screening.

Additional Customer Due Diligence checks may be required for higher-value lettings or where the circumstances of the tenancy require further verification.