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 Anti-Money Laundering (AML) checks to verify the identity of our clients. These requirements are overseen by HM Revenue & Customs (HMRC), the supervisory authority for estate agency businesses. Our preferred method of verification is through a secure electronic biometric identity check. You will receive a secure link to complete the process, which verifies your identity and current address. This can usually be completed quickly using a smartphone or another compatible device.

Where it is not possible to complete an electronic biometric check, we will request copies of your photographic identification and proof of address. We will then carry out a manual AML verification using this documentation.

Sellers

Before we can begin marketing your property, each legal owner is required to complete our Anti-Money Laundering (AML) identity verification process. Where a property has more than one owner, each owner must complete the verification process. 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, all executors or trustees will be required to complete the identity verification process, and we may request additional documentation, such as probate documents, trust documentation or details of the charity trustees, where necessary.

Buyers

Before a sale can be formally agreed (subject to contract), each purchaser is required to complete our Anti-Money Laundering (AML) identity verification process. We are also required to obtain evidence of your source of funds. Depending on your circumstances, this may include: • Recent bank statements (for cash purchases) • A Mortgage Agreement or Decision in Principle • A Memorandum of Sale • Other supporting documentation where appropriate Where there is more than one purchaser, each individual must complete the identity verification process and provide evidence of their source of funds.

Landlords

Before we can begin marketing your property to let, each owner is required to complete our Anti-Money Laundering (AML) identity verification process. In addition, we will require proof of ownership of the property, such as: • A mortgage statement • Official Land Registry documentation • Title deeds • Other acceptable evidence of ownership Where a property is jointly owned, each owner must complete the identity verification process.

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.

Your Personal Information

Any personal information collected to satisfy Anti-Money Laundering requirements will only be used for the purposes of complying with our legal obligations under the Money Laundering Regulations. Your data will be processed in accordance with the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018. The processing of this information is lawful and necessary for the prevention of money laundering and terrorist financing and for the performance of a legal obligation carried out in the public interest.

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. Additional Anti-Money Laundering checks may be required for certain higher-value lettings or where required by legislation.