UK
AML for estate agents
Estate agency businesses in the UK must carry out anti-money laundering checks on the people they deal with in a sale. Lettings businesses have their own, narrower duties. The checks identify the client and look at the source of funds where the rules require it.
Also called Anti-money laundering, Customer due diligence.
What this page will not do
It will not tell you which documents to accept or when to file a suspicious-activity report. That sits in your firm’s own policy and with your supervisor, which for most agencies is HMRC. Staff follow the firm’s checklist. An assistant can remind you that a check is outstanding. It should not invent that a check has been passed.
In the workflow
Do not send a memorandum, or market a property, past the point your policy allows, if identification is still missing. Do not put a client’s identity documents into a chat, an advert or a vendor update.
Questions
What does AML for estate agents mean?
Estate agency businesses in the UK must carry out anti-money laundering checks on the people they deal with in a sale. Lettings businesses have their own, narrower duties. The checks identify the client and look at the source of funds where the rules require it.
General information for agency staff, not legal advice. Rules and local practice change. Check the official source before you rely on a definition in a client letter.