The HMRC announced the implementation of The 4th Money Laundering Directive, which is the latest Money Laundering Regulations, on the 26th June 2017.
The new guidance confirms a number of changes to the legislation.
The most significant change effects those buying a property. When your offer is accepted by the owner we are required to carry out customer due diligence which is often referred to as ‘know your customer’.
We are therefore legally required to check and take copies of your photographic identification and proof of address.
Photographic identification normally comes in the form of a photocard driving license or a passport and proof of address as a bank statement, council tax bill or utility bill dated within the last three months.
The HMRC have confirmed that retrospective checks are not required.
So please be aware we will now be asking for this along with your proof of funding at the point your offer is accepted.