UK law requires estate agents to carry out anti-money laundering and identity checks before we can work with clients. These checks apply to anyone buying or selling a property through us, as well as landlords, tenants and anyone providing funds for a purchase.

This page explains what we need from you and why. These steps are mandatory under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (as amended), and we cannot act without completing them.

Why we carry out these checks

The regulations require estate agents to confirm the identity of clients, understand the nature of the transaction and check where funds are coming from. This helps prevent property being used for criminal activity and ensures we meet our legal duties.

What we need from you

We will ask you to provide:

• Proof of identity such as a passport or driving licence
• Proof of address such as a bank statement or utility bill (dated within the last three months)
• Details of how the purchase will be funded, for example savings, sale proceeds or mortgage arrangements
• For companies, trusts or other non-individual clients, documents confirming ownership and control

In some cases we may need to ask for additional documents. This is normal and simply reflects the requirements of the regulations.

Electronic verification

We may use an electronic verification service to confirm your identity. This does not affect your credit score and is used only to meet anti-money laundering requirements.

Politically Exposed Persons

If you or a close family member are a Politically Exposed Person (PEP), enhanced checks are required. We will explain what is needed if this applies to you.

Source of funds and source of wealth checks

When you are buying a property, we must confirm:

• Source of funds where the money for the purchase is coming from
• Source of wealth how you acquired the assets used to fund the transaction

This may involve asking for bank statements, sale completion statements, investment documents or other supporting evidence. These checks are a legal requirement for all estate agents.

When checks must be completed

By law, we must complete these checks:

• Before marketing a property for sale or to let
• Before agreeing a purchase offer
• Before entering into a business relationship with a landlord or tenant

How your information is used

The information you provide is used solely to meet our legal obligations. It is kept securely and only shared with trusted verification providers or authorities where required by law. Our handling of your data is explained in our Privacy Policy.

Suspicious activity

We have a legal duty to report any suspicious activity to the National Crime Agency. We are not permitted to inform you if such a report is made.

Cost of checks

Where identity checks incur a cost through a third-party verification service, we may charge a small fee. We will confirm this in advance where applicable.

Questions

If you have any questions about these requirements, please contact your local Mays office and we will be happy to help.