Anti-Money Laundering (AML) Requirements

At Banbury & Duncan Properties Ltd, we are committed to complying with the UK’s Anti-Money Laundering (AML) regulations to ensure a secure and legally compliant property transaction process for all our clients. As an estate agency, we are required by law to conduct thorough checks on both buyers and sellers to prevent financial crime and money laundering activities.

What AML Checks Do We Conduct?

As part of our legal obligations under the Money Laundering Regulations 2017, we must verify the identity of our clients and ensure that funds used in property transactions are legitimate. Our AML checks include:

Identity Verification – We will require proof of identity and address from all clients. This includes photographic ID (such as a passport or driving licence) and a recent utility bill or bank statement.
Proof of Funds – Clients must provide evidence of where their funds originate, whether from savings, inheritance, property sale, or another source.
Source of Wealth Checks – We may request additional documentation if necessary to confirm the legitimacy of large sums of money.
Politically Exposed Person (PEP) and Sanctions Screening – We will check whether any clients are politically exposed persons or subject to financial sanctions.
Risk Assessments – Each client and transaction is assessed for risk, and enhanced due diligence (EDD) may be required for higher-risk cases.

What Do You Need to Do as a Client?

If you are buying or selling property through Banbury & Duncan Properties Ltd, you will be required to:

Provide Identification Documents – You will need to submit a valid passport or driving licence along with proof of address (such as a utility bill or bank statement from the last three months).
Demonstrate Proof of Funds – If you are purchasing a property, we will need to see bank statements, investment statements, or any other documentation confirming your financial position.
Confirm the Source of Funds – If your purchase involves a large deposit or lump sum, you will need to provide evidence of how these funds were obtained (such as inheritance documents or property sale contracts).
Complete a Client Due Diligence (CDD) Form – We may require you to complete a form detailing your personal and financial situation to comply with AML regulations.
Cooperate with Additional Checks if Required – If you are identified as a higher-risk client, additional checks may be necessary, and we appreciate your cooperation in providing any requested documents.

Why Are These Checks Necessary?

The UK government mandates these checks to prevent criminal activity such as money laundering and fraud. Failure to comply with AML regulations can result in severe penalties for both estate agencies and clients. By working together, we can ensure a transparent and secure property transaction process.

How Do We Handle Your Data?

We understand that providing personal information can be a concern. At Banbury & Duncan Properties Ltd, we adhere to strict data protection policies and the General Data Protection Regulation (GDPR) to ensure that your sensitive information remains secure and confidential.

Need More Information?

If you have any questions about our AML requirements or need assistance with your documentation, please do not hesitate to contact our team. We are here to help make your property transaction as smooth and compliant as possible.

Banbury & Duncan Properties Ltd

56 Bedford Road, London, England, SW4 7HE