Estate agents are legally required to conduct Anti-Money Laundering (AML) checks on clients to help prevent the property market from being used as a vehicle for criminal activity. By verifying the identity of buyers and sellers, and establishing the source of their funds, estate agents play a vital role in deterring money laundering and ensuring compliance with UK regulations such as the Money Laundering Regulations 2017. These checks protect not only the integrity of the property sector, but also the wider economy, by helping to trace illicit finances and stop criminal networks from legitimising their proceeds through real estate transactions. It’s a responsibility that combines regulatory obligation with ethical vigilance.
We completely understand that this may feel like an intrusion however every other well-managed advisor in the real estate field is required to carry out its own Customer Due Diligence. It not only keeps our practice compliant with current regulations but will also reduce the chances of failure or delays further on in the transaction process. All information is kept confidential and is used only for AML purposes.