Anti-Money Laundering Regulations

Money Laundering Regulations 2007 and with the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017 obligates estate agents to implement procedures to prevent money laundering, by confirming the identity and / or identities of all vendors / sellers, landlords and buyers of property.

This means we are legally obliged to have on file, as we are supervised by Her Majesty's Revenue and Customs (HMRC), under the Money Laundering Regulations 2007 and with the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017, the following documents:

  1. A signed copy of Terms and Conditions on file, be it for the Sale, Letting or Acquisition of a property on behalf of the client and / or clients.
  2. Two (2) Forms of Proof of Address i.e., most recent official utility bill and official bank statement.
  3. Identification (Passport or Drivers License)
  4. Proof of Property Ownership (official Freehold or Leasehold document) for vendors / sellers and landlords.


Meaning of customer due diligence measures

 

Regulation 5 : "Customer due diligence measures” means—

 

  1. identifying the customer and verifying the customer’s identity on the basis of documents, data or information obtained from a reliable and independent source;

  2. identifying, where there is a beneficial owner who is not the customer, the beneficial owner and taking adequate measures, on a risk-sensitive basis, to verify his identity so that the relevant person is satisfied that he knows who the beneficial owner is, including, in the case of a legal person, trust or similar legal arrangement, measures to understand the ownership and control structure of the person, trust or arrangement; and

  3. obtaining information on the purpose and intended nature of the business relationship.

Source: http://www.legislation.gov.uk/uksi/2007/2157/regulation/5/made

 

Money Laundering Regulations – Our Responsibilities:

 

https://www.gov.uk/guidance/registration-guide-for-estate-agency-businesses

 

Stonelink International (London) Limited | Money Laundering Regulation Registration Number: 12746893

HMRC Anti-Money Laundering Supervision Registration Number: XYML00000108367

London's real estate broker for local and international investors and business owners who choose London real estate - residential and commercial - to form part of their investment portfolio.