AML (ANTI MONEY LAUNDERING)

 

 

 

PERSONAL INFORMATION FOR AML

We are required under the Money Laundering Regulation 2007 to obtain a valid ID and proof of address for all sellers and buyers. As such, we have a strict AML (Anti Money Laundering Policy) in place. 
 

WHAT IS REQUIRED

We are required to obtain a Photo ID and Proof of Address from all buyers and sellers. In short, the Photo ID ties your face to your name, the Proof of Address ties your name to your address.

We will require one document, dated within the last three months, from each of the following sections for each buyer/seller:

Photo ID

  • UK Driving License
  • Passport


Proof of Address

  • Utility Bill (not mobile phone bill)
  • UK Driving License (if not used for photo ID as well)
  • Mortgage Statement
  • Bank / building society statement
  • State pension benefits book
  • Home or motor insurance certificate
  • Current local authority tax bill / tenancy agreement


PEP (Politically Exposed Person)

As part of our AML requirement we are also required to complete a PEP (Politically Exposed Person) check for each buyer. This is included in the online form, or can be done separately here www.archerandco.com/pep, where there is also more information on what a PEP is and why we need to know.


HOW TO SUBMIT THIS INFORMATION

Handing over personal information is not to be taken lightly. There are a few ways of getting this information over to us and we invite people to use whichever method they are more comfortable with. 

  • Online, using the form below. The information provided is secure and will only reach the relevant team for verification. 
  • In person, at branch or at home. We can take copies and verify forms in person.
  • Credit File check. In cases where we are unable to meet clients (in order to verify the documents), we can perform a check against your credit file instead. This does not leave any footprint. 
  • We do not recommend sending original documents in the post. 

 

WHY WE NEED SO MUCH INFORMATION

It is now a legal requirement for all estate agents to undertake several checks once an offer is agreed with a prospective buyer. These checks include satisfying rules set out by The Property Ombudsman, Anti Money Laundering regulations set out by HMRC and (as of January 2020) the EU Fifth Money Laundering Directive. 

Estate agents are also required to complete a Risk Assessment for each buyer where unwillingness to provide information on funding (including its source), automatically triggers the buyer to be a 'high risk'.

More information can be found at the following websites:

https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/do-estate-agents-need-proof-of-funds/

https://www.propertymark.co.uk/advice-and-guides/buying-a-home/estate-agent-checks.aspx


 

 

Chepstow | 01291 626262

Usk | 01291 672212

Ross-on-Wye | 01989 768484

Newport | 01633 449884

Forest of Dean | 01594 715888

Associated Park Lane Office
0203 368 8745

 

We are fortunate to sell and let a huge variety of property in one of the most beautiful regions of Britain. Set within glorious unspoilt countryside straddling the English Welsh borders are picturesque villages.