KYC Checks
By law, Elizabeth Humphreys Homes is required to carry out checks on all our buyers and sellers, due to the transactional nature of our business. This is to ensure that we are compliant with our legal obligations as Estate Agents, and to make sure that the industry is not used to finance any terrorism, facilitate money laundering, or criminal activities of any kind.
Checks are applied to every buyer and seller that uses our services and we only ever ask for the information which is required.
The KYC Check Process
We need to confirm your identity and see proof of address, unless you are purchasing a property; in which case we will also need to see proof of funding. If you are selling a property, we will need to see proof of ownership too. If you live abroad or use a corporate structure for ownership of your property, we will require further documentation to verify this.
There are several UK laws that Elizabeth Humphreys Homes needs to comply with including: the Proceeds of Crime Act 2002, the Criminal Finances Act 2017, the Terrorism Act 2006, and the Money Laundering Regulations 2017.
If at any point we become suspicious of a buyer or seller, then we must report that person.
Your information will be used purely to complete our checks. It will be held confidentially, and will not be shared with any third parties, unless we must provide it to the police.
You are within your rights to request that we put in writing any information that we hold about you, to share with a third party working on your behalf.
For the Money Laundering Regulations 2017, estate agents are regulated by HM Revenue & Customs. Further information can be found on the following sites:
https://www.gov.uk/topic/business-tax/money-laundering-regulations
https://www.gov.uk/government/consultations/money-laundering-regulations-2017
If you would like any further information about this, please contact us at info@eh-homes.co.uk.