Anti-Money Laundering Compliance
At Swakeleys Estates, we are committed to complying with all applicable Anti-Money Laundering (AML) legislation and regulations, including the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended.
As a regulated estate agency business, we are legally required to undertake customer due diligence and verify the identity of our clients and other relevant parties involved in property transactions. These requirements help prevent money laundering, terrorist financing, fraud, and other financial crimes.
Before we can proceed with certain property transactions, we may be required to obtain and verify:
These checks may apply to sellers, landlords, buyers, tenants, guarantors, beneficial owners, and any other parties connected with a transaction.
To meet our legal obligations efficiently and securely, we may use specialist third-party providers to carry out electronic identity verification and compliance checks.
Where electronic verification is insufficient, additional documentation may be requested.
All purchasers are required to complete Anti-Money Laundering and identity verification checks before proceeding with a property purchase through Swakeleys Estates.
To cover the cost of carrying out these mandatory compliance checks, a fee of £50 including VAT applies per sale agreed.
This fee covers the electronic verification process and associated compliance administration required to meet current regulatory requirements.
The AML verification fee is non-refundable once the verification process has commenced, irrespective of whether the transaction subsequently proceeds to exchange or completion.
Where enhanced due diligence or further investigations are required, we reserve the right to make an additional charge, which will be discussed and agreed with the purchaser in advance.
In accordance with regulatory requirements, we may carry out ongoing monitoring throughout the course of a transaction and may request updated information or documentation where necessary.
Estate agents are required by law to report certain suspicious activities to the appropriate authorities. Where a Suspicious Activity Report (SAR) is submitted, we may be prohibited by law from informing the individuals concerned.
Any personal information collected for AML purposes will be processed securely and in accordance with the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018.
Information obtained for AML purposes will only be used to fulfil our legal and regulatory obligations and will be retained for the period required by law.
If satisfactory identification, verification documents, or source of funds information are not provided when requested, Swakeleys Estates reserves the right to delay, suspend, or terminate our involvement in a transaction until such requirements have been satisfied.
If you have any questions regarding our Anti-Money Laundering procedures, identification requirements, or the AML verification fee, please contact our team who will be happy to assist.