Money Laundering Regulations 2007
Under the 2007 money laundering regulations in accordance with all legal and financial institutions it is a requirement for us to comply with Money Laundering regulations. We will require from all clients various documents for us to comply with the regulations. For most people this will mean sending us a current passport or photographic driving license, verification of your address (recent utility bill, bank statement, phone bill (not mobile) or Forces Photo Identity Card) and date of birth. As part of the verification process we may use electronic reference agencies to search sources of information relating to you. With regards to Limited Companies we would Require evidence of identity and address of at least two directors, names and addresses of shareholders, and confirmation of voting rights.
If you are a Partnership we would require a list of all partners; evidence of identity and address of at least two partners; copy of current partnership deed, confirmation of voting rights and who owns the equity. If you are a trust you will need to furnish us with a list of all trustees; evidence of identity and address of at least two trustees; copy of document establishing the trust and appointing trustees; list of beneficiaries of the trust, with confirmation of their share of the equity.
There may be occasions when we will require further information and evidence of identity depending on the circumstances of your transaction and the monies involved. To avoid any delay caused by the need to comply with these Regulations, please ensure we have the required documents and information as soon as possible. If you have difficulty producing these then please let us know as soon as possible in order that we can advise you further.
Proceeds of Crime Act 2002
Please note we are also required to verify the source of all funds you send to us by seeing the source and tracking the history of the money. Please further note the funds must come from the source, that is the account which you have evidenced. This can usually be provided by producing bank statements showing the funds you hold and the name and address of the account holder. If funds are coming form a third party then identity checks also apply to them.
We are professionally and legally obliged to keep your papers confidential. However, Licensed Conveyancers may be required by statute to make a disclosure to the Serious Organised Crime Agency where they know or suspect that a transaction may involve money laundering or terrorist financing. If we make a disclosure in relation to your matter, we will not be able to tell you that a disclosure has been made. We may have to stop working on your matter for a period of time and may not be able to tell you why.
Should you require any further information please contact us. For your information purposes Stuart Forsdike is our Money Laundering officer with Denise Marsh our Deputy Money Laundering officer