The Proceeds of Crime Act 2002, Terrorism Act 2006 and the Money Laundering Regulations 2017
The above legislation requires us to satisfy ourselves as to the identity of all our clients and any person who may have a beneficial interest in the property. If we fail to comply with this legislation we may be committing a criminal offence. Ordinarily we are under a duty to keep all information relating to your affairs strictly confidential unless authorised by you to disclose information to someone else. However, we sometimes have other duties and obligations which affect our obligations to you; for example, we are obliged to disclose to the Serious Organised Crime Agency any suspicions we may have regarding money laundering or terrorist activities and this will override our duty of confidentiality. In such circumstances we are not obliged to notify you that we have done so.
CLIENT AND GIFTOR ID VERIFICATION and PROOF OF FUNDS
Before we can begin to progress any sale or purchase for our clients, we will need to have received completed & signed forms as formal instruction that they would like Garnett Wilson to act for them, verified ID for each client (and anyone gifting money toward the purchase of a property / Giftors), and statements showing proof funds are available for a property purchase.
Anti-Money Laundering – ID Verification
We have partnered with an online ID verification service called ‘Thirdfort’ which allows you to verify your ID documents for Anti Money Laundering purposes via an app that can be downloaded to your smartphone.
To complete the ID check you will need:
YOUR PROOF OF ADDRESS MUST BE CLEARLY DATED AND SENT TO YOU WITHIN THE LAST 3 MONTHS. PROOF OF ADDRESS DOCUMENTS MORE THAN 3 MONTHS OLD ARE NOT ACCEPTED.
Source of Funds
When purchasing a property, we will also be using this service to check your source of funds. We will need you to use the online source of funds questionnaire to list exactly where the money for your purchase is coming from (i.e. Mortgage/Savings/Gifted Deposit) and upload a recent statement for each of the bank/building society accounts showing those funds ready and in place to be transferred to us for your property purchase.
If some or all of the funds for your purchase are to be gifted to you, we will need to arrange a separate ID and proof of funds check for each of the Giftors. You will need to supply the name and contact details for each person gifting you money for your purchase, so that we can arrange a Thirdfort ID & Proof of Funds text to be sent to them separately. Again they will need to complete the ID and Proof of Funds check as soon as possible to avoid delays.
Thirdfort Invitation Text
You will receive a text from Thirdfort linking you to their app. Please be aware, we are unable to progress your matter until we have the appropriate Thirdfort ID reports on file. It is therefore important that you complete your ID check via the Thirdfort app, and upload any relating documents as soon as you possibly can.