Sales and Lettings Information

ANTI-MONEY LAUNDERING REQUIREMENTS

 

HOW DO THE MONEY LAUNDERING REGULATIONS IMPACT ESTATE AGENTS?

We are legally obliged to comply with the Money Laundering Regulations 2017 (as amended) and the Proceeds of Crime Act 2002, and are supervised by HM Revenue and Customs. The Regulations extend to identifying and verifying who is letting (landlord), renting (tenant), selling (Vendor) or buying (Buyer) property or land.

 

WHAT IS MONEY LAUNDERING?

Money laundering is the process used to disguise the origins of funds generated by illicit or criminal activities and making the funds appear to have come from a legitimate source. Property is widely recognised as an attractive target for those wanting to hide the proceeds of crime.

 

HOW DOES THIS AFFECT YOU?

This applies to both residential and commercial property or land. This also applies to guarantors and permitted occupiers. In the same way that you are required to prove your identity when opening a new bank account, if you are letting or renting, buying or selling property or land, we’ll also need to see certain documentation. If you do not provide the information and/or documentation we request, unfortunately we will not be able to go ahead with the transaction.

 

FOR PRIVATE INDIVIDUALS WE WILL NEED:

EVIDENCE OF YOUR IDENTITY:

(one document from this list)

• Valid passport

• Valid photo-card UK driving licence (full or provisional)

• If you do not hold one of the above then your most recent HM Revenue and Customs Tax Notification or Department of Work and Pensions letter

• National Identity Card or photo-card driving licence issued by the country of residence (if residing outside of the UK)

 

EVIDENCE OF YOUR CURRENT RESIDENTIAL ADDRESS:

(one document from this list)

• Photo-card UK driving licence (if not used as evidence of identity) or valid (older, paper style) full UK driving licence

• Council tax bill (valid for the current year)

• A utility bill issued within the last three months (excluding mobile phone bills)

• Bank, credit card, building society or credit union statement issued within the last three months and addressed to a current residential address

• The most recent original mortgage statement from a recognised lender • The most recent HM Revenue and Customs tax notification (if not used as evidence of identity)

• Confirmation from the electoral roll that a person of that name lives at that address

• A written reference (sent directly to Sellors & Lettors Ltd by the referee) from a bank or regulated legal professional who has advised the individual for the past two years (this must detail the full residential address of the individual and the length of time they have been their adviser).

 

FOR CORPORATE BODIES WE WILL NEED:(INCLUDING COMPANIES, PARTNERSHIPS, TRUSTS ETC)

When conducting due diligence on corporate bodies we are required to verify the entity and understand the ownership and control structure. We may need information and documentation from you to do this, for example we may need confirmation of:

• The contracting party and legal status

• Statutory directors (or equivalent)

• ID documents for directors and beneficial owners

• Ownership structure including the names of individuals owning or controlling more than 25% or more of the contracting party (beneficial owners)

 

We can provide you with a list of requirements based on your specific entity type. We may also require some additional information and documentation to evidence your source of funds and wealth. It’s important that you start preparing all of the paperwork as soon as possible to reduce the risk of any delays to the transaction.

 

IF YOU HAVE ANY QUESTIONS

If you have questions on the due diligence process, please contact us on info@sellorsandlettors.co.uk in the first instance.

 

HOW WILL YOUR PERSONAL DATA BE PROTECTED?

The security of information is very important to us and we have measures in place which are designed to prevent unauthorised access to your personal information. There are strict access requirements in place and access is restricted on a need-to-know basis. Please see our Privacy Notice for more details on how your personal information will be used.

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