Our business is based on mutual trust with our clients. Due to the transactional nature of the services we provide, just like lawyers, accountants and financial services firms, all estate agents and real estate advisers are required by law to carry out Know Your Customer (KYC) checks. These checks serve to ensure that we comply with our legal obligations and help regulators to ensure that the UK real estate industry is not misused to facilitate money laundering or the financing of criminal activities.
All clients needs to fill out our KYC Identity Form. We need this for our back office and so we know exactly who our clients are. As we are a fully compliant business, we are supervised under HMRC’s Anti-Money Laundering, therefore we are legally obliged to conduct Client Due-Diligence in accordance with Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Your details will be stored securely and will be used to package to our agents and developers.
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All estate agents in the UK are required to comply with a number of laws designed to prevent illicit funds passing through the UK. These include the Proceeds of Crime Act 2002, the Criminal Finances Act 2017, the Terrorism Act 2006 and the Money Laundering Regulations 2017.
Real estate transactions are seen by the UK Government and crime agencies as posing a particularly significant money laundering threat. As such the Money Laundering Regulations 2017 require estate agents to understand and verify exactly who their customers are and have evidence that they have completed KYC checks. Should an estate agent become suspicious of a prospective client or existing client’s activities, it must report this to National Crime Agency.
We take our anti-money laundering responsibilities very seriously and believe that the laws governing the UK property industry are critical tools in the fight against organised crime and terrorist financing. If we did not complete KYC checks we would undermine our corporate responsibilities and also place ourselves and you at risk of prosecution.
Estate agents in the UK are required to comply with, amongst other things, the Proceeds of Crime Act 2002, the Criminal Finances Act 2017, the Terrorism Act 2006 and the Money Laundering Regulations 2017. These place various obligations upon estate agents, with one of the key requirements being to undertake KYC checks to verify the identities of their clients. For corporate clients these checks will need to be extended to enable us to identify the Ultimate Beneficial Owner and/or those who have ultimate executive control.
We operate a risk-based approach and we identify criteria that may indicate a higher risk of money laundering. Our risk-based approach assesses the risk of client’s laundering money through our business activities and whilst we accept that the majority of our clients will not launder money, we must identify criteria that would indicate a higher risk of money laundering.
Money launderers may seek to hide their identity behind nominees, or corporate or trust structures. So when we are instructed on behalf of any company, partnership, trust or other principal we must:
If you are acting as a Representative of an Estate we require the following:
If you are acting as a Representative of a UK Company we will also require the following:
If you are acting as a Representative of an Offshore Company we will also require the following:
If you are acting as a Representative of a Trust we require the following:
We also carry out “enhanced due diligence” in any case where there is a high risk of money laundering, which includes the following:
No. As Prosperty Group is ultimately responsible in law for ensuring that the KYC checks have been undertaken properly and comprehensively we undertake our own checks. However, if you have already provided the documentation that we require to a third party professional adviser (i.e. solicitors or banks), you can request that they forward this to us for use in our files. This does not mean that we will not ask you for further information, but it may save you replication of effort.
Your information will be used for the sole purpose of completing our KYC checks in order to meet our legal obligations.
Your information will be held confidentially and will not be shared with any third parties unless we are required to in order to comply with a regulator or law enforcement authorities.
In the event of an inspection/investigation by the regulator or law enforcement authorities your information will only be shared if requested and to the extent we are obliged to provide it.
Should you wish for us to provide the information that we hold about you to another third party acting on your behalf, or on the other side of a transaction, we would be pleased to do so following a written request.
For the purposes of the Money Laundering Regulations 2017, estate agents are regulated by HM Revenue & Customs.
Yes. In order for us to act on your behalf and provide our services, Prosperty Group are obliged to ask these questions and obtain a completed KYC check to meet our regulatory requirements. The questions we ask are inside the scope of the guidance provided by the regulator.
Throughout the KYC process, we may contact you to request additional information or further clarification if the information we have is incomplete or insufficient to meet our regulatory obligations. If a client ultimately fails to provide the necessary information, we will be unable to act on their behalf (or will be required to terminate an existing agreement if one is already in place) in order not to violate our legal obligations.
In order to comply with the Proceeds of Crime Act 2002, the Criminal Finances Act 2017, the Terrorism Act 2006 and the Money Laundering Regulations 2017, all real estate advisers should complete comprehensive KYC checks. Without having adequate processes and procedures in place to check and confirm a client’s provenance, as obliged to by the law, a real estate adviser is putting its reputation, its clients and the wider public at risk.
Yes. The processes we have established are within the scope of the law and are proportionate to the guidelines set by the regulator. We complete them for every client who wishes to instruct us. We will never ask for more information than is required and all the information that you provide will be held in strict confidence and on secure systems.
We are legally required periodically to re-confirm the information we hold about our clients if we remain in an ongoing business relationship with them. The period of time that elapses between subsequent KYC approvals is dependent on a number of perceived risk criteria.
If you are an individual the process should be straightforward. We will be able to confirm the documentation that we require to enable us to complete our KYC checks quickly; the basics are covered earlier in this document. If you are using a corporate or trust structure or are a not for profit organisation, or an investment fund, we have a dedicated Client On-boarding Team that can work with you to identify the information that we require from you to ensure that we meet our regulatory obligations.
UK/EU/EEA Drivers Licence (if UK Drivers Licence not used as ID)
Must be valid, not expired. Photo only. Full or provisional.
Bank, Building Society or Credit Union Statement
Dated with 3 months. Must include account number and show recent activity. No general correspondence.
Credit Card Statement
Dated within 3 months. Must include account number and show recent activity. No general correspondence.
UK, EU, EEA Mortgage statement
Dated within 12 months. Must show account number. No general correspondence.
Dated within 6 months E.g. Gas, electricity, water. Must show address for service and/or account number. No general correspondence.
Dated within 6 months E.g. Landline or mobile pay monthly (excluding pay as you go). Must show address for service and/or account number. No general correspondence.
Dated within 12 months. Must show address for service and/or account number. No general correspondence.
Dated with 12 months. Must state full name and full property address. Issued by local council, housing association, solicitor or reputable letting agent.
Benefits Entitlement Letter
Dated within 12 months. Issued by DWP or Jobcentre plus. Must confirm benefit payable at time of issue. E.g. Pension, disability, single parent, housing etc.
HMRC Tax Notification
Dated with 6 months. Must state national insurance number and tax calculation. No general correspondence.
Home or Motor Insurance Certificate
Dated within 12 months. Must state insured address or registered address for vehicle and policy number. No general correspondence.
UK solicitors letter confirming house purchase/land registration
Dated with 3 months. Must state full name of new proprietor and full property address.
NHS Medical Card or letter from GP confirming registration
Dated within 3 months. Must state individual’s date of birth and NHS number. No general correspondence.
Official confirmation of Electoral Register entry or official poll card
Dated within 12 months. Must state full name and full address. No general correspondence.
Police Registration Certificate
Dated within 12 months. Must state the full residential address of the individual.