AML (ANTI MONEY LAUNDERING)
AML (ANTI MONEY LAUNDERING)
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.
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
Proof of Address
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.
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.
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
Monmouth | 01600 713030
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.