Money Laundering
Money Laundering Regulations 2007 (Implemented from 15th December 2007).
Legislation intended to help reduce criminal activity by way of making it more difficult for criminals to conceal proceeds of crime. This puts responsibility for seeking out suspect transactions in the hands of anyone who carries out relevant business. For anyone interested, full details can be found on the Office of Public Sector Information website.
What it means for Clients of Estate Agents
We are required under Money Laundering Regulations to obtain additional details of anyone selling a house in the UK. This will include checks to verify the identity of the vendor. In practice this means we have to look at and take copies of documents such as passports, driving licenses and utility bills BEFORE we are able to start marketing a property.
For property buyers, our company policy is also to take similar steps as above at the point when an offer is accepted by the vendor.
