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Know Your Client
Know Your Client (KYC)
Like all estate agents and property advisors, we must conduct Know Your Client (KYC) checks as mandated by law. These checks are essential to ensure our compliance with legal requirements. Read more below.
We adhere strictly to relevant legislation and apply necessary checks to all clients utilising our services. We never request more information than is essential, and all client-provided data remains strictly confidential. Typically, these checks involve verifying identity and address proof, followed by a straightforward Creditsafe check. A leading UK provider of Anti Money Laundering Services, aids businesses in adhering to Anti Money Laundering Regulations. For additional details, please visit creditsafe.com.
When purchasing a property, documentation confirming the source of funds is required, while proof of property ownership is needed for sellers. If residing abroad or utilising a corporate structure for property ownership, further documentation is necessary to identify the ultimate beneficiaries of the transaction.
In the UK, estate agents are mandated to comply with various laws aimed at preventing illicit funds from entering the country. These laws include the Proceeds of Crime Act 2002, the Criminal Finances Act 2017, the Terrorism Act 2006, and the Money Laundering Regulations 2017. Real estate transactions are considered significant money laundering risks by the UK Government and law enforcement agencies. Hence, the Money Laundering Regulations 2017 necessitate estate agents to thoroughly verify their clients' identities and provide evidence of completing KYC checks.
Should an estate agent suspect any suspicious activities from a prospective or existing client, they are obligated to report it to the National Crime Agency.
Your information will be solely used for completing our KYC checks to fulfil legal obligations. It will be held confidentially and not shared with any third parties outside of Breckon & Breckon, unless required by regulators or law enforcement authorities.
In the event of regulatory inspections or investigations, your information will only be disclosed upon request and to the extent mandated by law.
Upon written request, we are happy to share the information we hold about you with another third party acting on your behalf or involved in the transaction.
Estate agents are regulated by HM Revenue & Customs under the Money Laundering Regulations 2017. Further information can be found on the respective websites:
https://www.gov.uk/government/collections/anti-money-laundering-supervision-detailed-information
https://www.gov.uk/government/consultations/money-laundering-regulations-2017