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Anti-Money Laundering Buying

Anti-money laundering checks

As your 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 sellers/beneficial owners and the buyers with whom they transact, 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 sale process, we will request documentation from you to confirm your identity and ownership of the property. This is similar to the process of proving your identity when opening a new bank account. Details of documentation requirements are outlined below.

Andrews will verify your identity and validate your residential address via a third-party verification system. Your identity documents and personal data will be held in accordance with our Privacy Policy which you can read more about by going to www.andrewsonline.co.uk/privacy-policy.  

Our team will guide you through the necessary steps and ensure that all checks are conducted efficiently and discreetly.

Documentation

Please see below for a full list of acceptable documents required to establish your identity, address details and source of funds.  We will need to have met you in order to certify the documents you bring into the office or send to us electronically.

Individual identity documents

We require one document from List A and one document from List B.

List A - Identity Document 

  • Valid signed Passport/Identity Card
  • Valid photo card driving licence (full or provisional) from the UK or EEA (European Economic Area) 
  • Valid Biometric Residence Permit
  • EEA member state identity card
  • UK Border Agency Identity Card
  • Firearms certificate or Shotgun licence
  • Identity card issued by the Electoral Office for Northern Ireland
  • HMRC Registration Card CIS4 for those who are employed in the Construction industry

List B - Proof of Address 

  • Valid photo card driving licence (full or provisional) from the UK or EEA (if not being used as proof of ID)
  • Valid old style full driving licence
  • National Identity Card (if not being used as proof of ID)
  • Current Council Tax demand letter or statement – issued within the last 12 months 
  • Current bank statements, or credit/debit card statements, recently issued (within the last 3 months) by a regulated financial sector firm in the UK, EU, or equivalent jurisdiction. This includes Mortgage Statements (issued within the last 12 months)
  • Utility Bills – Issued within the last 6 months. Note: Mobile Phone Bills / Store Card Bills are not acceptable
  • Recent evidence of entitlement to state or local authority funded benefit (including housing benefit and council tax benefit), tax credit, pension, educational or other grant OR Personal correspondence from Her Majesty’s Revenue and Customs (HMRC) tax office in the UK sent to the address given. This does not include a P45 or P60 
  • Instrument of a court appointment (liquidator or grant of probate)
  • A home visit by an Estate Agent to the address given

Certified ID documents 

If we’re not able to meet you, we will need to be provided with certified ID documents. It needs to:

  • Be certified by a solicitor, notary or doctor who can be verified online
  • Contain a statement confirming that the document has been certified to be a true copy of the original
  • Confirmation that it is a true likeness of the person to whom it belongs
  • Have an official stamp indicating the certifier’s professional status
  • Be signed and printed with a name and dated by the certifier
  • Contain an address and telephone number for the certifier

Non-Standard ID documents

If for any reason you are unable to provide documents from List A, we require two documents to verify identity dated within 3 months:

  • One document issued by a recognised source (such as a central Government/ NHS issued document or letter)
  • One document from List B

Lasting/Enduring Power of Attorney & court Appointed Deputies

If acting under one of the above we require the following:

  • Full Power of Attorney for Property and Financial affairs document, validated by the Office of the Public Guardian on each page OR;
  • Full validated court document appointing the Deputy
  • Individual identity evidence from List A and B for both the attorney(s)/ deputies and donor(s). If the donor is in a care home, we will require a headed letter, or email from a professional email address to confirm.

We’re unable to accept an incomplete document, or the ‘Share code’ summary document.

Probate

If you are acting as a Representative of an Estate, we require the following:

  • Death Certificate
  • Full copy of the signed Will OR;
  • Grant of probate (if a Will was left) OR Letters of administration (if no Will left) AND;
  • Individual identity evidence from List A & B for the Personal Representative(s), either executor or administrator

Limited company

If you are acting as a Representative of a UK or Overseas Company, we are required to identify the Ultimate Beneficial Owner(s) (UBO’s), that’s anyone with more than 25% of shares or voting rights in a company. If we are unable to establish this information using Open-Source checks, you may need to provide:

  • A current shareholder register detailing the Ultimate Beneficial Owner(s)
  • Certificate of Incumbency
  • Nominee director declaration and/or general Power of Attorney (if applicable)
  • Individual Identity evidence from List A & B for all UBO’s

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
  • Individual Identity evidence from List A & B for all individuals with a vest interest in 25% or more of the capital and/or those who exercise control over the Trust, or
  • Confirmation from a solicitor stating the list of trustees that have the power to buy/ sell property
  • Individual Identity evidence from List A & B for all individuals with a vest interest in 25% or more of the capital and/or those who exercise control over the Trust

Source and Proof of funds

As part of the regulations, we are required to identify the original source of the funds for the purchase of property. As an example, if you’re a first-time buyer purchasing using a mortgage we’d need to see 6 months’ worth of bank statements for the deposit, along with an agreement in principle. If, for example someone is gifting funds towards the purchase, this policy will also apply to the Donor(s).

Your local branch can advise further on other types of documentation required to establish the source of the funds.

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 by clicking the link below.

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