Anti-Money Laundering Regulations
All clients, BOTH Vendors and Purchasers will be required by law to provide us with information regarding their identity – this is to ensure full compliance with the Money Laundering Regulations. Here we explain why and what we will need from you.
Bespoke Care is legally obliged to comply with the Money Laundering Regulations which came into force on 15 December 2007. These were then revised, the latest in June 2017 to include all vendors and purchasers. The ‘Anti-Money Laundering Regulations’ are supervised by Her Majesty’s Revenue & Customs (HMRC).
What is money laundering?
Money laundering is the process by which criminally obtained money or other assets (criminal property) are exchanged for clean money or assets with no obvious link to their criminal origins. It also covers money, however come by, which is used to fund terrorism.
The Anti-Money Laundering Regulations require all estate agents or business transfer agents, like Bespoke Care, to put in place checks, controls and procedures to anticipate and prevent money laundering or terrorist financing.
Legally required duties of Agents
Bespoke Care must ensure we are aware of and show competence in the procedures and observe requirements under the laws relating to anti-money laundering and terrorist financing as far as it impacts estate agents. We are legally requested to collect verified identity details and confirmation of address for EACH of our clients – vendors and purchasers. This required information is as follows:
For private individuals
- full names
- residential addresses
- date of birth
- One of –
- a valid passport,
- valid photocard driving licence,
- national identity card,
- firearms certificate,
- identity card issued by the Electoral Office for Northern Ireland
- or, a government issued document (without a photo) which includes the customer's full name and supported by secondary evidence of the customer's address such as:
- old-style driving licence
- recent evidence of entitlement to state or local authority-funded benefit such as housing benefit,
- council tax benefit, pension, tax credit supported by secondary evidence such as:
- a utility bill
- bank, building society or credit union statement
- most recent mortgage statement from a recognised lender
Customers / Purchasers other than private individuals inc Limited Companies
For customers or purchasers that are not private individuals, such as corporate customers, partnerships, and private companies, we must obtain information that is relevant to that entity such as Company registration number and registered address and evidence that individuals have the authority to act for that entity. It will usually be necessary to establish the beneficial owners of such entities. Verification of identification must be from reliable independent sources (relevant to that entity type).
How do we identify each beneficial owner/controlling person?
We are required to put in place measures to identify the existence of beneficial owner(s)/partnership and verify the identity of the person controlling it.
Beneficial owners are the individuals who ultimately own or control the customer or on whose behalf a transaction or activity is being conducted.
In the case of bodies corporate and partnerships, a beneficial owner is any individual who:
- owns or controls over 25 per cent of the shares or voting rights or in the case of a partnership, more than 25 per cent of the capital or profits of the partnership, or
- exercises control over the management (perhaps despite not owning the business).
In the case of a trust, the beneficial owner includes:
- individuals with vested (certain) interests in 25 per cent or more of the capital of the trust property
- the class of individuals the trust was set up or operates for (for example 'homeless persons in London', 'deaf and blind persons', 'children living in the village of Ambridge' or 'A's children and grandchildren')
- individuals who exercise control over the trust.
In the case of other legal entities or arrangements which administer or distribute funds, the beneficial owner means:
- individuals who benefit from 25 per cent or more of the entity's property
- the class of individuals the entity was set up or operates for (see above for trusts)
- individuals who exercise control over 25 per cent or more of the entity's property.
In the case of an estate of a deceased person or in the case of Administration, the beneficial owner means the executor or legal Administrator.
Bespoke Care Requirements
ID Requirements Per Person
- 1 X Primary ID plus 1 x Proof of address
- Primary ID - Photographic ID
A representative of Bespoke Care MUST have seen the original copy OR had a certified copy sent through. (Certification to be carried out by solicitor/accountant/bank/doctors, local councillor etc)
All documents to be valid otherwise they CANNOT be accepted.
Documentation we can accept:
- Current passport - (We must be able to clearly identify the client from the photo on their passport, and we need both pages of the passport which should be clear and legible)
- Current UK photo-card driving licence - (Again we need to be able to clearly identify the client from the photo)
- Photo Student Identification card/ Firearms or Shotgun Certificate
Plus - Proof of Address. One of these documents:
- Current UK Driving licence – if not used as primary ID
- Council Tax Bill (< 12 months old)
- Utility Bill (under 3 months old)
- Mortgage statement (< 12 months)
- Bank/Building Society statement (under 3 months old)
- Current House Insurance
- Current Motor Insurance
Anti-money Laundering regulations do have to be adhered to by various bodies nowadays i.e. if you are instructing a residential estate agent or lawyer. Please help us by providing the necessary documents in a timely manner.