Last Updated: 29/01/2018
Tags: Anti-Money Laundering
Estate Agents are subject to and are obliged by law to comply with The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 known as The Money Laundering Regulations 2017 which came in to force on 26th June 2017.
Whether you are looking to buy, sell, let or rent a property we are obliged to ask you for proof of identity and proof of address. There is no need for concern; money laundering is where criminally obtained money or assets are exchanged for “clean” money and property transactions are notorious for this type of activity. We are therefore required to have anti money laundering systems in place which are clearly set out by HMRC, with whom Malverns is registered.
We require sight of all original ID documents in the presence of the document holder OR alternatively copies certified by an individual from a recognisable profession such as doctor, teacher, solicitor etc., the copy to contain the details of the individual certifying it.
With regards to Rentals, new rules introduced in 2016 mean that Landlords need to carry out a quick and simple check on all tenants to make sure that they have the right to rent property in the UK. Right to Rent was introduced in the Immigration Act 2014 and also applies to lodgers and sub-tenants. Landlords who fail to carry out checks risk a penalty of up to £3000.
These are the four checks –
1. Check which adults will use the property as their main or only home
2. See original versions of one or more acceptable documents for all tenants
3. Check the documents in the presence of the document holder
4. Make copies of the documents to be retained in a safe and secure place. Record the date the check was made.
Malverns will of course ensure that this process is correctly carried out on your behalf.
If you would like to know a little bit more about the any of the new regulations please feel free to pop in to the office or call. Alexander Leon, head of sales, is our anti money laundering officer and he makes sure that we are completely up to date.
You will be in safe hands with Malverns!