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Anti-Money Laundering Policy

Introduction

Sell My Home Now Limited purchase and sell property throughout the UK. We are committed to ensuring our business works in accordance with the UK’s Money Laundering legislation. In order to prevent any of our services being used (or potentially used) for any money laundering activity, as well as any of our staff being exposed to money laundering, we have put in place the following anti-money laundering policy which supplements the anti-money laundering training, internal controls and monitoring systems.

Scope of the Policy

Due to the nature of our business, this can put us at risk of being targeted for Money Laundering. This Policy has been put in place to assist with identifying and mitigating money laundering offences targeted on our Business and to ensure the company meeting its legal obligation.

UK Law and Guidance

The UK anti-money laundering regime requirements are set out in the Proceeds of Crime Act 2002 (POCA) (as amended by the Serious Organised Crime and Police Act 2005 (SOCPA)), the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLR 2017), The Money Laundering Regulations 2019 and the Terrorism Act 2000 (TA 2000) (as amended by the Anti-Terrorism, Crime and Security Act 2001 (ATCSA 2001) and the Terrorism Act 2006 (TA 2006)).

What is Money Laundering?

Money laundering can be defined as the process to move illegally acquired cash through financial systems so that it appears to be from a legitimate source. According to POCA 2002, a person can commit a money laundering offence if they: concealing, disguising, converting, transferring criminal property or removing it from the UK (Section 327 POCA); or entering into or becoming concerned in an arrangement which you know, or suspect, facilitates the acquisition, retention, use or control of criminal property by or on behalf of another person (Section 328 POCA); or Acquiring, using or possessing criminal property (Section 329 POCA).

In addition to the money laundering offences, there are additional offences relating to failure to report a suspicion of money laundering (section 330) and ‘tipping off’ offence (section 333).

Money Laundering Reporting Officer (MLRO)

Sell My Home Now has appointed a MLRO to receive disclosures in relation to money laundering activity and be responsible for anti-money laundering activity within the Company. The officer nominated to do this is the Company Director.

The MLRO will ensure that appropriate training and awareness is provided to new and existing employees and that this is reviewed and updated as required.

The MLRO will ensure that appropriate anti-money laundering systems and processes are incorporated by the Company.

Suspicions of Money Laundering

All employees must immediately report any knowledge, suspicion, strange activity or high-risk customer to the MLRO.

Once the matter has been reported to the MLRO, the employee must follow the directions given and must NOT make any further enquiry in relation to this account.

The employee must NOT voice any suspicions to the person(s) whom they suspect of money laundering, because this may result in committing the offence of “tipping off”. They must NOT discuss the matter with others or place any notes on the case file stating that a report has been made to the MLRO.

Consideration of the Disclosure by the MLRO

Once the MLRO has received the report, it must be evaluated in a prompt manner in order to determine whether:

  • There is actual or suspected money laundering taking place; or
  • There are reasonable grounds to know or suspect that this is the case; and
  • Whether the MLRO needs to lodge a Suspicious Activity Report (SAR) with the National Crime Agency (the NCA).
  • Where the MLRO concludes that there are no reasonable grounds to suspect money laundering then consent will be given for any on-going or imminent transaction(s) to proceed.
  • Where consent is required from the NCA for a transaction to proceed, then the transaction(s) in question must not be undertaken or completed until the NCA has given specific consent, or there is deemed consent through the expiration of the relevant time limits without objection from the NCA.

All disclosure reports referred to the MLRO and reports made to the NCA will be retained by the MLRO in a confidential file kept for that purpose, for a minimum of 5 years.

The MLRO will also consider whether additional notifications and reports to other relevant enforcement agencies should be made.

Customer Identification and Due Diligence

All customers of Sell My Home Now will need to be reviewed in line with our customer identification due diligence process. This will involve Sell My Home Now establishing from the outset:

  • The customers identity
  • The customers proof of address
  • The customers property, proof of ownership

We will obtain this information by requesting our customers to provide certain documentation. We require sight of all original or certified documents and may arrange for a representative to meet you in person so that photographs / photocopies of documents can be carried out for our records. Should a face to face meeting not be able to take place then enhanced due diligence procedures will need to be adopted by asking for additional information or evidence to establish the customer’s identity and ensuring that the documents supplied are certified. The identification a customer provides will be analysed using fraud detection software.

Below is a list of acceptable identity documents. Subject to individual circumstances, we may require further documentation.

A – IDENTITYB – PROOF OF ADDRESS
Current signed Passport (Not Expired)

Valid Driving Licence (if not used under section A) – Must be valid, not expired. Photo only. Full or provisional.

 

Valid Driving Licence – Must be valid, not expired. Photo only. Full or provisional.Bank, Building Society or Credit Union Statement – Dated with 3 months. Must include account number and show recent activity. We do not accept general correspondence.
 EEA Member State Identity CardCredit Card Statement – Dated within 3 months. Must include account number and show recent activity. We do not accept general correspondence.
 Mortgage statement – Dated within 12 months. Must show account number. We do not accept general correspondence.
 Utility Bill – Dated within 6 months E.g. Gas, electricity, water. Must show address for service and/or account number. We do not accept general correspondence.
 Telephone Bill – Dated within 6 months, for example a Landline or mobile bill (excludes pay as you go). Must show address for service and account number. We do not accept general correspondence.
 Council Tax – Dated within 12 months. Must show address for service and account number. We do not accept general correspondence.
 Tenancy Agreement – Dated with 12 months. Must state full name and full property address. Issued by local council, housing association, solicitor or reputable letting agent.
 Benefits Entitlement Letter – Dated within 12 months. Issued by DWP or Jobcentre plus. Must confirm benefit payable at time of issue. E.g. Pension, disability, single parent, housing etc.
 HMRC Tax Notification – Dated with 6 months. Must state national insurance number and tax calculation. We do not accept general correspondence.
 Home or Motor Insurance Certificate – Dated within 12 months. Must state insured address or registered address for vehicle and policy number. We do not accept general correspondence.
 UK solicitors letter confirming house purchase/land registration – Dated with 3 months. Must state full name of new proprietor and full property address.
 NHS Medical Card or letter from GP confirming registration – Dated within 3 months. Must state individual’s date of birth and NHS number. We do not accept general correspondence.
Official confirmation of Electoral Register entry or official poll card – Dated within 12 months. Must state full name and full address. We do not accept general correspondence.
 NHS Medical Card (dated within last 3 months)
 Electoral Register Entry (dated within last 12 months)

Our customers will be required to disclose if you have recently changed your name, to enable Sell My Home Now to undertake our due diligence.

You will also be required to have your photograph taken and provide a signature for our representative.

Probate

If you are acting as a Representative of an Estate, we require the following:

  • Grant of Probate (if a will was left)
  • Letter of administration (if no will left)
  • Individual identity evidence from List A & B for the Personal Representative, either executor or administrator

Company

If you are acting as a Representative of a UK Company we will also require the following:

  • Certificate of Incorporation
  • Articles of Association
  • Memorandum of Association
  • Latest Annual Return or Confirmation Statement, with details of current company officers
  • (If offshore) nominee director declaration and a general power of attorney
  • Individual identity evidence from List A and B for all individuals or entities with 25% or more of the shares or voting rights in the company

If you are acting as a Representative of an Offshore Company we will also require the following:

  • Certificate of Incorporation
  • Articles of Association, Memorandum of Association, Latest Annual Return with details of current company officers, Share Certificate(s) showing the Ultimate Beneficial Owner OR
  • Certificate of Incumbency

If the shares are owned by another company, repeat steps above for the holding company

  • Nominee director declaration and/or general Power of Attorney (if applicable)
  • Individual identity evidence from List A and B for all individuals or entities with 25% or more of the shares or voting rights in the company

Trust

If you are acting as a Representative of a Trust we require the following:

  • Trust deed
  • List of trustees
  • List of beneficiaries
  • Individual Identity evidence from List A & B for all individuals with a vest interest in 25% or more of the capital and/or those who exercise control over the Trust

Further due diligence

If we have any doubts at all about a customer’s identity, our purchase process will be paused until we can be satisfied of your identity, also if we suspect money laundering activity we will not hesitate to inform the authorities.

Sell My Home Now will undertake further due diligence measures on customers when:

  1. A transaction takes places / due to take place over 15,000 GBP
  2. There is a suspicion of money laundering
  3. Anomalies occur or strange activity
  4. There are doubts or suspicions with regards to a customer’s identity
  5. If the customer isn’t physically present when identification checks take place
  6. If circumstances change with an existing customer
  7. When a business relationship takes place with a politically exposed person
  8. There is a high risk of money laundering
  9. Ongoing Monitoring
    Employees will review customers at regular intervals to ensure that the risk level of each customers information and confirm that any information held on each customer is not only accurate and up to date.
  10. Data Protection
    Customer details will be managed in line with our privacy policy, please click here for further details. Please be aware that this data can be “processed” as defined under the Data Protection Act 2018 to prevent money laundering and terrorist financing.
  11. Record Keeping
    Customer identification evidence and details of any relevant transaction(s) for that customer will be retained for at least 5 years from the end of any business relationship with that customer.
  12. Additional Customer Checks
    Please note that If a customer decides to choose a solicitor who has not been recommended by us, we will subsequently have to undertake due diligence checks on your legal representative.

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