Joscelyne Chase

New Money Laundering Regulations implemented today

Joscelyne Chase | 26/06/17   Laura Marszalek

On 26th June 2017, the UK Government introduced new rules on anti-money laundering to ensure controls and procedures are in place to combat the risk of money laundering.

Under the new rules, all estate agents who are involved in a transaction with a seller and purchaser, will need to apply due diligence to both contracting parties in the transaction. This is different to previous rules which just applied to the seller.

The new rules have been derived from the EU’s Money Laundering Directive, and despite the UK’s decision to leave the EU, the Government has confirmed that until exit negotiations are concluded, the UK remains a member of the EU and thus all the rights and obligations remain.

How will this affect you?

If you are selling a property then the rules will remain the same, we will require two forms of identification (one photographic and the other confirming your address).

If you are purchasing a property, then we will need to carry out money laundering checks, so you will need to supply two forms of identification (one photographic and the other confirming your address).

Whilst we are waiting for definitive confirmation, it appears that a purchaser will need to provide this information after an offer has been accepted, but before the memorandum of sale is sent out.