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Anti-money laundering policy
The checks the law requires us to carry out, and when.
Option Estates follows the Money Laundering Regulations 2017. By law we must get satisfactory evidence of the identity of our clients and of anyone else involved in a transaction.
When we need it
- Sellers and landlords: when you instruct us to market your property.
- Buyers and tenants: when your offer to buy or rent is accepted.
If we do not get this promptly, your transaction may be delayed.
What we need
- For individuals: two current forms of identification, such as a valid passport or photographic driving licence, and a recent bank statement or utility bill no more than 3 months old.
- For companies, partnerships and trusts: more documents, such as the certificate of incorporation and articles of association.
How we check it
We need to see everyone involved in the transaction in person with their original documents. Alternatively, a professional such as a solicitor or accountant, or the Post Office, can verify them independently. We may also use third party services, including online identity and credit check companies.
We may sometimes ask for more documents than we first requested, to meet our duties under the Regulations.
Source of funds
We must check the proof and source of any money used to buy a property. Money paid on your behalf by someone else goes through the same identity and verification checks as you.
How long we keep records
We keep copies of your ID, on paper or electronically, for up to five years after our business relationship ends, as the Regulations require.
Our supervision
Option Estates Ltd is supervised by HM Revenue and Customs under the Money Laundering Regulations, registration number XEML00000212742.