Anti-Money Laundering: Information for Sellers

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.

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.

In addition to our electronic checks, you may need to supply us with other documents to confirm your ability to instruct us to sell the property. The documents required for each scenario are listed below for your reference.

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

Administrative fee

Andrews charge an administrative fee of £62.50 plus VAT (£75 including VAT) for carrying out these anti-money laundering checks. There’s nothing to pay upfront, this fee will only be payable upon completion, and when we are entitled to our commission fee. We are committed to compliance, and this covers technological expenses, investment in staff training, document processing and checks, and additional insurance costs. 

Documentation

Please see below for a full list of acceptable documents required to establish your authority to instruct us to sell your property.  

Deceased Proprietors

If the deceased proprietor is not the only beneficial owner, we are required to establish how the property was owned and by whom. A solicitor will be able to confirm this and it is noted on the land registry title deeds.

If the proprietors owned the property as Joint Tenants, the surviving proprietor(s) assume full ownership; we need to confirm that the proprietor is deceased, by the provision of a death certificate.

If the proprietors owned the property as Tenants in Common, the deceased’s share may not have passed to the surviving proprietor(s). In this instance we will need to follow the Probate section of this policy. 

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)

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)

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.

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