Why Do We Need This Information?

Simply put, it’s because we’re required to by law and any agent that doesn’t ask for this information is in breach of regulations.

Our Anti-Money Laundering Policy

In line with The Money Laundering, Terrorist Financing and Transfer of Funds (information on the Payer) Regulations 2017, as a regulated profession, we are duty bound to carry out due diligence on all of our clients to confirm their identity. Rather than traditional methods in which you would have to produce multiple utility bills and a photographic ID we use an electronic verification system.

This system allows us to verify you from basic details using electronic data, however it is not a credit check of any kind so will have no effect on you or your credit history.

To do so the Credit Referencing Agencies may check the details you supply against any particulars on any database (public or otherwise) to which they have access. They may also use your details in the future to assist other companies for verification purposes. A record of the search will be retained.

The requirements for corporate entities such as companies, partnerships or trusts are more complex and you will be required to provide documentation e.g. certificate of incorporation, articles of association etc.

We will need to see all parties involved with the transaction in person with their original documentation which will be required for verification purposes. Or they may be independently verified by a professional person such as a solicitor, accountant or the Post Office. In all cases and in line with the ‘Regulations’, the firm will retain copies of your ID in either paper or electronic form up to a period of 5 years after the date we have ceased the business relationship. In addition, we also reserve the right to use the services of third parties including on-line credit check companies to carry out identity verification of any client.

The firm may from time to time request further documentation beyond what was originally requested should we deem it appropriate in order to meet our obligations as regards to the “Regulations”.

In addition to verification of the client the firm will have to verify the proof and source of any funds that are being used for the property purchase. Funds received on your behalf from a third party require the same levels of identification and verification checks as the customer themselves.

For specific information on the documentation required, please speak to your local branch of Hannells.