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Anti Money Laundering (AML)

Anti Money Laundering, Terrorist Financing, Transfer of Funds Regulations 2017
​​​​Regulations & Requirements

Under UK Law, Estate agents are required to carry out AML checks in line with regulations and guidance set out by HMRC. These checks include identifying the source of funds used to purchase a property and conducting identity checks on their customers.

Anti-money laundering legislation’s aim is to make it harder to integrate illicit funds into the financial system in order to reduce criminal activity, corruption and bribery.

The primary legislation in the UK covering anti-money laundering (AML) and counter-terrorism financing (CTF) is the Proceeds of Crime Act 2002 (POCA) and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

The core legislative and regulatory structure includes:

  • Proceeds of Crime Act 2002 (POCA): The cornerstone of the UK's criminal legislation, which defines primary money laundering offences, failure to disclose, and tipping off.

  • Money Laundering Regulations 2017: The primary regulatory instrument outlining customer due diligence (CDD), record-keeping, and risk assessment requirements for financial institutions and regulated businesses.

  • Terrorism Act 2000: The principal legislation that contains the specific offenses and frameworks relating to terrorist financing.

  • Sanctions and Anti-Money Laundering Act 2018 (SAMLA): Provides the statutory powers to implement financial sanctions and update the UK's AML/CTF regulations to align with international standard
   
  
UK estate agents must complete rigorous Customer Due Diligence (CDD), Source of Funds verification, and mandatory sanctions screening on both buyers and sellers prior to a property transaction.

The Anti-Money Laundering (AML) process involves the following key components:

1. Customer Due Diligence (CDD) and Verification

Agents must accurately verify the full name, date of birth, and residential address of all clients before a business relationship or transaction proceeds.

  • Identity: Government-issued photo IDs (e.g., UK/international passport, photocard driving licence).
  • Address: Documents dated within the last 3 months, such as utility bills (gas, electricity, water), bank/credit card statements, or current-year council tax bills.
  • Corporate Clients: For trusts or companies, agents must identify the ultimate beneficial owners (UBOs) and understand the corporate structure. 

2. Sanctions and PEP Screening

Agents are legally required to screen all parties against HM Treasury’s consolidated sanctions list.

  • PEPs: Agents must identify if a client is a Politically Exposed Person (PEP), which requires approval from senior management.
  • Automation: Many agents use digital verification platforms (e.g., Credas or Veriphy) to automate this screening process and track potential matches. 

3. Source of Funds (SoF) and Source of Wealth (SoW)

To prevent the flow of illicit money, agents must establish how the buyer obtained the money to purchase the property.

  • Evidence Required: Savings accounts, evidence of property sales, investment portfolios, or legally documented gifts.
  • Source of Wealth: Clarifying how the buyer built their overall wealth (for higher-risk or high-value clients). 

In all cases, we will undertake a third party electronic verification, which may leave a 'soft footprint' on your credit file. We use the services of 'Landmark Agent' who in conjunction with 'Credas' will run online checks and verification.

Please kindly note that your purchase will not be allowed to proceed until this firm has satisfactorily completed the anti-money laundering checks.


Mr Chandra Shah, our in-house Compliance Officer, advises and oversees the processes and procedures we undertake when conducting our due diligence on new clients and new instructions. Mr Shah regularly attends various AML seminars and webinars and updates us of any changes or new legislation or requirements on a weekly basis.

UK Gov Anti Money Laundering Supervision
Registration Number XHML00000101810