

Anti Money Laundering (AML)
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.
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. If an Estate Agent is suspicious that their client is attempting to launder illicit funds, they must report this to the National Crime Agency.
The primary legislation in the UK covering anti-money laundering and counter-terrorism financing is:
- Proceeds of Crime Act 2002
- Terrorism Act 2000
- Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (referred to in this guidance as ‘the Regulations’)
- Criminal Finances Act 2017
- Terrorist Asset-Freezing Act 2010
- Anti-terrorism, Crime and Security Act 2001
- Counter terrorism Act 2008, Schedule 7
PROOF OF IDENTITY
Individual(s) | Proof of Identity |
UK registered Limited Company | Proof of Identity for the individual(s) in charge of the transaction together with authority to act (if they are not a director) Proof of identity for the individual(s) who hold more than 25% of the capital, profits or voting rights. |
UK registered Limited Liability Partnership | Proof of Identity for the individual(s) in charge of the transaction together with authority to act (if they are not a member) Proof of identity for the members who hold more than 25% of the profits |
Trusts | Proof of Identity for the individual(s) in charge of the transaction together with authority to act (if they are not trustee) Copy of the Trust Deed For UK based Trusts, proof of Registration from HMRC trust online registration online service Proof of identity for the trustees and beneficiaries with an interest in excess of £25% |
Overseas registered companies | Proof of Identity for the individual(s) in charge of the transaction together with authority to act (if they are not a director) Proof of identity for the individual(s) who hold more than 25% of the capital, profits or voting rights. Overseas Entity registration number provided by Companies House Certificate of Incorporation, Memorandum & Articles of Association, Registers of directors and shareholders. |
Evidence of your full name can be provided through the following accepted documentation
- Current passport
- Residence Permit
- Current UK/EU photocard driving licence
- HMRC Tax Notification
- State Pension or benefits book
Proof of address can be provided through the following accepted documentation
- Current tax bill from your local authority
- Latest Mortgage Statement
- Latest Bank Statement (within the past 3 months)
- Latest utility bill (not mobile phone) within the past 3 months.
SOURCE OF FUNDS
Under UK Anti Money Laundering laws when buying a property in the UK you will be asked to prove 'source of funds'. The funds could be a deposit or the whole purchase cash amount.
These can be from savings, mortgages and gifts from relatives, inheritances etc, and is refereed to as “source of funds” check. In addition, we are also required to check that your general income and wealth is consistent with your lifestyle and the value of the property you are buying. This is called a “source of wealth” check.
If the source of the funds you are using for your purchase cannot be proven, your purchase will not be able to proceed.
Examples of source of funds are
- An agreement in principle/mortgage in principle.
- wages, bonuses, dividends, and other income from employment.
- pension payments.
- interest from personal savings.
- returns on investments.
- money from property sales.
- legitimately won money, such as that received from betting or winning the lottery.
- inheritance and gifts.
CREDAS & LANDMARK AGENT
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.
Our Compliance
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