Anti-Money Laundering (AML), Identity Verification and Proof of Funds

Coppermills Estate Agency is required by UK Law to comply with Anti-Money Laundering (AML), Counter-Terrorist Financing and financial crime regulations. As a regulated estate agency, we have a legal obligation to undertake customer due diligence checks on all clients with whom we transact.

As part of these obligations, we are required to verify the identity and address of our clients, identify beneficial owners of corporate entities, and, where applicable, establish the source and legitimacy of funds being used in a transaction.

AML and Identity Verification Fee

To ensure a secure and compliant property transaction, an AML and Identity Verification fee of £30 (including VAT) for sellers and £30 (including VAT) for buyers will be payable.

This fee covers the cost of:

  • Identity verification checks
  • Know Your Customer (KYC) due diligence
  • Anti-Money Laundering screening
  • Ongoing compliance monitoring where required

The fee will be clearly disclosed during the onboarding process.

Please note:

  • The fee is charged per property transaction, not per individual.
  • The fee is non-refundable.

Proof of Funds Requirements

We are required to comply with money laundering legislation, and various forms of evidence must be provided when making an offer to purchase a property.

To satisfy our legal obligations, buyers may be asked to provide proof of funds using one or more of the following:

  • Agreement in Principle (AIP) or Mortgage in Principle
  • Bank statements showing the deposit amount (mortgage purchasers)
  • Bank statements showing available funds (cash purchasers)
  • Historical bank statements demonstrating how funds have accumulated over time
  • Evidence of the sale of another property where proceeds are being used for the purchase
  • Gifted deposit letter and supporting evidence from the donor
  • Evidence of inherited funds, including relevant documentation from an estate or will
  • Documentation confirming the sale of shares, investments or other assets

We strongly recommend retaining evidence of the source of all funds being used towards a property purchase. This will help ensure that the transaction proceeds smoothly when supporting documentation is requested.

Proof of Identity

As part of our due diligence obligations, we are required to verify that you are who you claim to be and that you reside at your stated address.

You may be asked to provide one or more of the following documents:

Proof of Name

  • Current passport
  • Biometric Residence Permit or Residence Card
  • Current UK or EU photocard driving licence
  • HMRC tax notification
  • State pension or benefits notification letter

Proof of Address

  • Current Council Tax bill
  • Local authority tenancy agreement or rent card
  • Recent mortgage statement
  • Recent bank statement
  • Utility bill (excluding mobile phone bills)

Who Else Will Request Proof of Funds?

You should be aware that your mortgage lender, solicitor and/or conveyancer will also require evidence of the source of your funds.

It is common for several parties involved in a property transaction to request similar documentation. This is not unusual and reflects each organisation’s independent legal obligations under AML legislation.

Corporate Clients and SPVs

Where a property is owned or purchased through a Special Purpose Vehicle (SPV) or other corporate entity, additional verification may be required.

Please provide:

  • A Companies House link or company registration details
  • Details of all beneficial owners and persons with significant control
  • Proof of identity and proof of address for each beneficial owner
  • A current passport for each beneficial owner

Our bank, auditors, HMRC or other regulatory bodies may require confirmation that these records have been obtained and retained as part of our compliance procedures.

Ongoing Due Diligence

Coppermills Estate Agency has a continuing obligation to conduct due diligence on all customers with whom we transact. This includes verification of identity, proof of address and, where applicable, confirmation of the source of funds.

We regret that we will be unable to proceed with any transaction where a client refuses or fails to provide information required under applicable legislation.

Retention of Records

Copies of all customer due diligence and AML documentation will be retained for as long as necessary to satisfy our legal and regulatory obligations. Such records will be stored securely and may be held solely in electronic form.

By proceeding with our services, you acknowledge and agree that these checks are required by law and form an essential part of the property transaction process.