Sanctions and Anti Money Laundering Act 2018
What is it?
Anti Money Laundering (AML) is the broad category of laws, rules and processes given as deterring Money Laundering, while Customer Due Diligence (CDD) describes the scrutiny financial institutions (and others) are required to perform, to thwart, identify and report violations.
Who does it affect in a property transaction?
The Laws provide that all clients must undergo when establishing a business relationship with Cairds, Customer Due Diligence checks covering identity, address, date of birth, political exposure and additionally with purchases full transparency of funds.
When does it apply?
Cairds are required to comply with the supervision when the business relationship is established:
- From a buyer point of view, it is when offer is accepted
- From a seller point of view, it is when the seller has instructed Cairds to sell the property
- Cairds don’t require ID just for valuations
What are requirements?
Seller :-
Identification
- Name
- Photographic ID
- Residential address
- D.O.B.
- PEP
- Original Passport/ driving licence (full)
- Birth Certificate (where there is no passport or Driving Licence)
- Travel Passes, Bus passes and Blue Badge cards are not acceptable forms of ID
Buyer
Identification
- Name
- Photographic ID
- Residential address
- D.O.B.
- PEP
- Source of funds
- Original Passport/ driving licence
- Birth Certificate /Utility Bill within 3 months
- Evidence of Source of Funds including Gifts if any.
What is Caird’s involvement?
Cairds are required with HM Revenue and Customs and HM Treasury under the AML Regulations to carry out the required checks by law.
Cairds carries ID checks virtually using Customer OnBoarding, without the need for face-to-face meetings, utilising instant ID scan technology.
Cairds use a company called Blinc who provide online identity checks that combine extensive data provided by LexisNexis® with powerful technology powered by PinkChilli™, delivering immediate results to help us stay 100% compliant.
How to start your relationship successfully with us?
Please have to ready all your original documentation for verification so we may carry out the procedures smartly on your behalf.