Mandatory Checks and Due Diligence to Keep Us All Safe
If you are are buying, selling, renting or lettiing a property in England, we will need to check several things. These are often referred to as Anti-Money Launering (AML) and Know Your Customer checks (KYC).
Please see below the list of things we weill need to check, dependng on what type of property transaction you are engaging in, and what you will need to produduce as verification:
Money Laundering Regulations 2007
PROPERTY HUB LTD is registed with HMRC and our Anti Money Laundering Registration Number is XKML00000143895
Proving Property Ownership Information and Identity
Acceptable documents - Money Laundering Regulations 2007
As a mandatory exercise, Property Hub is subject to the “Money Laundering Regulations 2007”. This means that we have to obtain and hold identification and proof of address for all customers. Additionally, we are also required to establish whether there are any beneficial owners on whose behalf the transaction or activity is taking place, hence, we would request you to identify anyone who you would consider to be a beneficial owner. Where appropriate, the source or destination of funds may also be requested. Without this information we will be unable to proceed with any work on your behalf.
Below is a list of acceptable identity documents. We require sight of all original or certified documents. Subject to your individual circumstances, Property Hub may liaise with you for further/other documentation.
Individual Identity ocuments
We will require one document from List A and one recent document from List B dated within the past 3 months.
LIST A - IDENTITY DOCUMENT
Photo ID (Passport, Driving Licence etc)
LIST B - PROOF OF ADDRESS
- Utility bill
- Mortgage statement
- Bank / building society statement
- State pension benefits book
- Home or motor insurance certificate
- Current local authority tax bill / tenancy agreement
- Solicitor's letter confirming house purchased/ land registration
- NHS Medical card
LIST C - PROPERTY INFORMATION
If you are acting as a Representative of an Estate, we require the following:
- Grant of Probate (if a will was left)
- Letter of administration (if no will left)
- Individual identity evidence from List A & B for the Personal Representative, either executor or administrator
- Limited company
If you are acting as a Representative of a UK Company, we will also 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 IncumbencyIf the shares are owned by another company, repeat steps above 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:
- Trust deed
- List of trustees
- List of beneficiaries
- Individual Identity evidence from List A & B for all individuals with a vest interest in 25% or more of the capital and/or those who exercise control over the Trust
In line with The Money Laundering Regulations 2007, as a regulated profession, we are duty bound to carry out due diligence on all of our clients to confirm their identity. Rather than traditional methods in which you would have to produce multiple utility bills and a photographic ID we use an electronic verification system. This system allows us to verify you from basic details using electronic data, however it is not a credit check of any kind so will have no effect on you or your credit history. By signing this agreement as the seller, you understand that we will undertake a search with Experian for the purposes of verifying your identity. To do so Experian may check the details you supply against any particulars on any database (public or otherwise) to which they have access. They may also use your details in the future to assist other companies for verification purposes. A record of the search will be retained.
For more information, please email us at: info@propertyhubltd.com