Anti-Money Laundering: Information for Buyers
Anti-money laundering checks
As an estate agent, we are committed to ensuring a smooth and secure property transaction. In line with the UK's Anti-Money Laundering (AML) Regulations, we are required by law to check the identity of all buyers along with any giftors, as well as check proof and source of funds, to make sure the money is coming from a legitimate source. Estate Agents can be fined or imprisoned if they do not undertake these checks.
Understanding money laundering
Money laundering is the process of disguising the origins of illegally obtained funds, making them appear to come from legitimate sources. Purchasing property in the UK is a common method used by organised criminals to launder the proceeds of criminal activity. The sheer size of the property market in the UK and the high value of property assets means that extremely large amounts of criminal funds can be ‘cleaned’ in a single transaction, giving the appearance that it has been acquired legitimately.
What to expect
As part of the buying process, we will request documentation from you to confirm your identity and source of funds. This is similar to the process of proving your identity when opening a new bank account.
Andrews has partnered with Credas, who provide a best in class electronic identity verification solution. You will be sent a link via SMS and/ or email where you’ll photograph your identity and proof of address documents. You’ll also be asked to take a photograph of your face for Credas to confirm your identity against your documentation.
Our team will guide you through the necessary steps and ensure that all checks are conducted efficiently and discreetly.
Credas: top tips
To ensure a smooth experience using Credas, here are some helpful tips so ensure you’re prepared and can complete the process efficiently:
- You can complete your identity check via the Credas app, or on a web browser
- Have a valid, in date Passport, Driving License or Visa to hand as you’ll need to take a photograph of it
- Credas will ask you to take a photograph of your face to match to your identity document. Make sure you’re in a well-lit room and remove any glasses if you wear them
- If you do not have valid, in date photo ID, Credas will request that you upload a government issued letter, a letter from a solicitor, medical professional or care home manager in its place
- We recommend using Open Banking to verify the source of funds. Open Banking takes a read only download of the accounts you choose to connect over a period of 6 months. It’s a secure, quick way of getting us the information we need
- If someone is gifting money towards the purchase, they’ll also need to complete a Credas check and sign a letter confirming the gift details
Documentation
We may need to request additional documentation if you’re purchasing on behalf of someone else or under a Trust. The required documents are listed below.
Lasting or Enduring Power of Attorney
If you are acting as an Attorney, we require the following:
- A complete, certified copy of the Enduring or Lasting Power of Attorney (LPA) for property and financial affairs or;
- A UK Government access code allowing us to view and download an online LPA summary (only available for LPA’s registered after 1 January 2016)
- You can generate an access code via this link: https://www.gov.uk/use-lasting-power-of-attorney
Court Appointed Deputies
If you are acting as a Court Appointed Deputy, we require the following:
- A complete copy of the Mental Capacity Act court order, sealed by the court
Acting as a Representative of a Trust
If you are acting as a Representative of a Trust, we require the following:
- Trust deed (including a list of trustees and their powers)
- List of trustees
- List of beneficiaries
- Confirmation from a solicitor stating the list of trustees that have the power to buy/ sell property
Privacy Policy
If you would like to read more about what Andrews does with your data and for what purpose, you can view our Privacy Policy here.