01 Why we carry out checks
As an estate agency business, we must comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the Proceeds of Crime Act 2002 and the Terrorism Act 2000. We are supervised for anti-money laundering purposes by HM Revenue & Customs.
These rules help stop property being used to launder money or finance crime. They apply to every estate agent in the UK. They are not a reflection on you.
02 Who we check
- Sellers, before we market your property.
- Buyers, once your offer has been accepted and before the sale is agreed.
- Anyone else involved, such as joint owners, trustees, people acting under a power of attorney, or the beneficial owners of a company, trust or other organisation.
03 What we will ask for
- Proof of identity: a current passport, photocard driving licence or national identity card
- Proof of address: a recent utility bill, bank statement or council tax bill, usually dated within the last 3 months
- Buyers: source of funds (and sometimes source of wealth), such as bank statements, a mortgage agreement in principle, proof of savings, gift letters or sale proceeds from another property
- Companies and trusts: company or trust documents and identification for the beneficial owners
We may verify your identity electronically through a specialist provider. This may involve a search with a credit reference agency. It leaves a record on your file but does not affect your credit score. We also check sanctions lists and whether you are a politically exposed person.
04 If checks can't be completed
We cannot act for a seller, or put forward a buyer's offer as agreed, until the checks are complete. If we cannot complete them, the law requires us to stop acting. We may also be required to report suspicious activity to the National Crime Agency. The law prevents us from telling you if we have made a report.
05 How we look after your information
We use the information only for anti-money laundering, fraud prevention and sanctions purposes, and as the law otherwise requires. We keep it securely for 5 years after the transaction or our business relationship ends, then delete it. See our privacy policy. Questions? Contact us at hello@skydatasol.com.