Anti-Money Laundering
The Money Laundering Regulations 2017 require us to take steps to ensure that we have obtained and held identification and proof of address for all clients.
We must also identify any beneficial owners on whose behalf any transactions or activities are taking place. We may also need to verify the source or destination of funds. Without this information, we are unable to proceed with any work.
By implementing AML checks into our operations, we are able to prevent property title ID fraud.
Identity Documents
Customer due diligence for Property Saviour involves establishing from the outset:
- The client’s identity
- The client’s proof of address
We use Thirdfort – a leading AML and ID-checking software. We may meet you in person to see the original documents.
Below is a list of acceptable identity documents that Property Saviour may require from clients. Depending on individual circumstances, Property Saviour may request further/other documents.
LIST A – IDENTITY DOCUMENT
- Current signed passport
- Valid UK driving licence
- EEA member state identity card
LIST B – PROOF OF ADDRESS
- UK/EU/EEA Drivers Licence (if UK Drivers Licence not used as ID) – Must be valid and not expired. Photo only. Full or provisional.
- Bank, Building Society or Credit Union Statement – Dated within 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.
- Utility Bill – Dated within 6 months e.g. Gas, electricity, water. Must show address for service and/or account number. No general correspondence.
- Telephone Bill – 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.
- Council Tax – Dated within 12 months. Must show address for service and/or account number. No general correspondence.
- Tenancy Agreement – Dated within 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 within 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 within 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.
Property Saviour also requires vendors to be photographed and provide their signatures in the presence of our Representative. Property owners should inform us if they have changed their name in the last year to help Property Saviour with their name change checks.
Probate
If you are serving as a Representative of an Estate, we require the following documents:
- Grant of Probate (if a Will was left)
- Letter of Administration (if no Will was left)
- Individual identity evidence from both List A and List B for the Personal Representative, whether they be an Executor or Administrator.
Limited company
If you are acting as a Representative of a UK Company, we will require the following:
- Certificate of Incorporation;
- Articles of Association;
- Memorandum of Association;
- Latest Annual Return or Confirmation Statement, with details of current company officers;
- If offshore, nominee director declaration and a general power of attorney;
- Individual identity evidence from List A and B for all individuals or entities with 25% or more of the shares or voting rights in the company.
If you are acting as a Representative of an Offshore Company, we will also require the following:
- Certificate of Incorporation;
- Articles of Association, Memorandum of Association;
- Latest Annual Return with details of current company officers;
- Share Certificate(s) showing the Ultimate Beneficial Owner OR Certificate of Incumbency;
- If the shares are owned by another company, steps must be repeated for the holding company;
- Nominee director declaration and/or general Power of Attorney (if applicable);
- Individual identity evidence from List A and B for all individuals or entities with 25% or more of the shares or voting rights in the company.
Trust
If you are acting as a representative of a trust, we require the following documents:
- Trust deed;
- List of trustees;
- List of beneficiaries;
- Individual identity evidence from List A and B for all individuals with a vested interest of 25% or more of the capital and/or those who have control over the trust.
Further due diligence
Property Saviour are ethical property buyers and, as such, will apply further due diligence measures when it is necessary.
This could be for transactions over £15,000, when there is a suspicion of money laundering, doubts about a client’s identification, if circumstances change with an existing client, if the client isn’t physically present when identification checks take place, when a business relationship takes place with a politically exposed person, or if there is a high risk of money laundering.
If Property Saviour has any doubts at all about a client’s identity, we will not continue to deal with them until we are completely satisfied of their identity. In such cases, we may report the individual(s) to the relevant authorities.
Notice to property sellers
Property Saviour is dedicated to preventing fraud in the property industry. Recently, the Quick House Sale industry has been targeted by fraudulent sellers, which is why Property Saviour is both cautious and thorough when verifying the identities of their clients.
To comply with the Proceeds of Crime Act 2002, Property Saviour carry out both physical and documentary checks to confirm the identity and residency of homeowners. This is done to protect the Property Saviour brand, business, and the public.
If customers do not select a lawyer recommended by Property Saviour, then due diligence checks will be conducted on their legal representative. If any signs of fraudulent activity are suspected, Property Saviour will not hesitate to report the offence to their Money Laundering Regulatory Officer (MLRO) and the National Crime Agency.
A warning to potential fraudsters
Property Saviour is known for fast property acquisitions. Unfortunately, this can make us a target of unscrupulous individuals seeking to commit identity theft. This involves someone posing as the legitimate owner and selling the property without the actual owner’s knowledge.
Property Saviour invest in their employees by providing training on money laundering and anti-fraud measures. They maintain a strong working relationship with the pertinent authorities in this field.
Property Saviour will require documents from sellers and perform additional ID checks as necessary.
Property Saviour has a close relationship with the National Crime Agency. We take our responsibility to protect the public and our business seriously and regularly report any suspicions we have to the National Crime Agency.
We can do this confidentially and still take action if a potential fraud is suspected. This allows us to work with the relevant authorities to catch fraudsters.
In order to be open and honest with our customers, all telephone calls are recorded for training and monitoring purposes. This allows us to listen to conversations between our advisors and customers, ensuring that our customer service standards are being met.
Property Saviour is committed to combating fraud and continues to work with the relevant authorities to protect both the business and its customers. We remain vigilant in our efforts to prevent identity theft and money laundering and strive to protect our customers from any potential harm.
