Legal
Identity and anti-money laundering checks.
The checks the law requires on every sale, purchase and tenancy, and what we will ask you for.
Why we ask
Estate agency businesses are supervised for anti-money laundering purposes by HM Revenue and Customs under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The law requires us to verify the identity of the people we act for and, in a sale, of the buyer, and to understand the source of the funds used. We carry out these checks on every transaction and cannot proceed without them.
What we ask for
- Identity: a current passport, photocard driving licence or national identity card.
- Address: a utility bill, bank statement or council tax bill from the last three months, or a current driving licence if not used for identity.
- Source of funds (buyers and borrowers): evidence of where the purchase money comes from, such as bank statements showing savings, a mortgage decision in principle, completion statement from a sale, a gift letter, or documents relating to an inheritance or investment.
- Companies and trusts: the incorporation documents, the identity of directors and of anyone owning or controlling 25% or more, and the authority of the person instructing us.
Where we can, we verify identity electronically using a specialist provider, which leaves a soft footprint on your credit file that does not affect your score. We may ask for original documents to be shown in person or by video call.
How your documents are handled
Copies are held securely, used only for the checks the law requires, and kept for five years after the end of our relationship, after which they are destroyed. They are shared only with our identity verification provider, with a lender, solicitor or regulator where required, and never for marketing. Our privacy notice explains your rights.
What happens if a check cannot be completed
We cannot market a property, accept an offer or exchange contracts until the checks are complete. Where the law requires it, we may have to report a concern to the authorities without telling you, and we cannot tell you whether a report has been made.
Questions about our checks should be sent to info@norvexproperty.com.