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Anti-Money Laundering (AML) Statement

Anti-Money Laundering (AML) Statement

1. Compliance Commitment
Phillip Laurence is committed to operating in full compliance with all United Kingdom Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) legislation.

As a regulated estate agency providing residential sales, lettings, and property management services, Phillip Laurence is supervised by HM Revenue & Customs (HMRC) under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended) and the Proceeds of Crime Act 2002.

We maintain strict internal policies, controls, and procedures to prevent our services from being used for financial crime or money laundering.

2. Customer Due Diligence (CDD) & Identity Verification
By law, Phillip Laurence must conduct Customer Due Diligence (CDD) on all clients, sellers, buyers, and relevant landlords/tenants prior to establishing a business relationship or proceeding with a transaction.

Required Verification Information

To comply with regulatory standards, all parties involved in a property transaction with Phillip Laurence must provide:

  1. Proof of Name & Identity (One primary document):

    • Valid photo passport

    • Valid photocard driving licence (Full or Provisional)

    • National identity card

  2. Proof of Residential Address (One document issued within the last 3 months):

    • Bank or building society statement

    • Utility bill (gas, electricity, or water — mobile phone bills are not accepted)

    • Council Tax bill (valid for the current tax year)

    • Mortgage statement (Valid for a year)

    • tenancy agreement

  3. Proof & Source of Funds (For Buyers):

    • Agreement in Principle (AIP) from a mortgage lender

    • Bank statements showing available funds for purchase/deposit

    • Documentation confirming the origin of funds (e.g., proof of property sale, inheritance documentation, or gift letter with donor ID)

3. Corporate & Complex Ownership Structures
If a transaction involves a company, trust, or partnership, Phillip Laurence is legally required to identify and verify the ultimate beneficial owners (anyone holding 25% or more of shares or voting rights) and verify the company's legal status via Companies House or equivalent corporate registry filings.

4. Electronic Identity Checks
Phillip Laurence utilizes government-approved electronic ID verification software to fulfill statutory obligations.

  • Conducting an electronic identity check requires searching public and credit registries.

  • This check is an identity verification search only; it does not affect credit scores.

  • If electronic checks fail to provide sufficient verification, physical, certified documentation will be required.

5. Timing of Checks

  • Sales (Sellers & Buyers): Verification must be completed before instruction contracts are finalized (sellers) and before formal Memorandum of Sale documentation is issued (buyers).

  • Lettings (Landlords & Tenants): Verification must be completed prior to signing tenancy agreements or taking holding deposits where required by law.

6. Suspicious Activity Reporting & Obligations

Phillip Laurence staff undergo mandatory, regular training to recognize signs of suspicious financial activity.

  • Under Section 330 of the Proceeds of Crime Act 2002, estate agents are legally required to report any suspicious transactions or funds to the National Crime Agency (NCA) via a Suspicious Activity Report (SAR).

  • Tipping Off: The law strictly prohibits estate agents from informing a client, buyer, or third party that a SAR has been submitted or that a money laundering investigation is taking place.

7. Data Protection & Privacy

All personal data collected for AML verification purposes is handled strictly in accordance with the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018. Identity documentation is stored securely, accessed strictly on a need-to-know basis, and retained for the minimum statutory period required by HMRC (typically 5 years following the end of the business relationship).


8. Contact Information

For any questions regarding identity verification requirements or our AML policy, please contact:

Phillip Laurence Estate Agents