The Proceeds of Crime Act 2002, Terrorism Act 2006 and the Money Laundering Regulations 2017
The above legislation requires us to satisfy ourselves as to the identity of all our clients and any person who may have a beneficial interest in the property. If we fail to comply with this legislation we may be committing a criminal offence. Ordinarily we are under a duty to keep all information relating to your affairs strictly confidential unless authorised by you to disclose information to someone else. However, we sometimes have other duties and obligations which affect our obligations to you; for example, we are obliged to disclose to the Serious Organised Crime Agency any suspicions we may have regarding money laundering or terrorist activities and this will override our duty of confidentiality. In such circumstances we are not obliged to notify you that we have done so.
CLIENT AND GIFTOR ID VERIFICATION and PROOF OF FUNDS
Before we can begin to progress any matter for our clients, we will need to receive completed & signed forms as formal instruction that they would like Garnett Wilson to act for them, verified ID for each client (and anyone gifting money toward the purchase of a property / Giftors), and statements showing proof funds are available for a property purchase. A link to your forms and ID verification will be sent to you via e-mail and can be completed and e-signed using your mobile phone.
Anti-Money Laundering – ID Verification
We have partnered with an online ID verification service which allows you to verify your ID documents for Anti Money Laundering purposes via a link that is sent to you by e-mail. Your ID verification will need to be completed using a smartphone as you will need to scan the chip in your passport/drivers licence, and provide a selfie.
To complete the ID check you will need:
- Photo ID – Valid passport / Drivers License
- Proof of Address – A bill/statement/tax or insurance letter showing your name and address and dated within the last three months.
YOUR PROOF OF ADDRESS MUST BE CLEARLY DATED AND SENT TO YOU WITHIN THE LAST 3 MONTHS. PROOF OF ADDRESS DOCUMENTS MORE THAN 3 MONTHS OLD ARE NOT ACCEPTED.
Source of Funds
When purchasing a property, we will also be using this service to check your source of funds. We will need you to use the online source of funds questionnaire to list exactly where the money for your purchase is coming from (i.e. Mortgage/Savings/Gifted Deposit) and upload a recent statement for each of the bank/building society accounts showing those funds ready and in place to be transferred to us for your property purchase.
Gifted Deposit
If some or all of the funds for your purchase are to be gifted to you, we will need to arrange a separate ID and proof of funds check for each of the Giftors. You will need to supply the name mobile number an e-mail address for each person gifting you money for your purchase, so that we can arrange an ID & Proof of Funds e-mail to be sent to them separately. Again they will need to complete the ID and Proof of Funds check as soon as possible to avoid delays.