Commercial Property Estate Agency Customer ID and Risk Assessment
This Commercial Property Estate Agency Customer Identification and Risk Assessment Form is for use by an estate agency when checking the identity of a new customer for Anti-Money Laundering purposes. A separate form should be completed for each individual seller.
Estate agents are regulated by HM Revenue & Customs. A regulated business must comply with The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as amended by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 ('the Regulations'). Under the Regulations estate agents are required to identify and verify their customers, other parties to the transaction and beneficial owners.
This template should be read in conjunction with our Commercial Property Estate Agency Anti-Money Laundering Policy and Commercial Property Estate Agency Firm Wide Risk Assessment.
The Form prompts the Agent to check the customer’s documents to prove their name and address. A list of acceptable documents appears in the form. The Agent then assesses the level of risk and records this on the form.
This form is suitable for simple due diligence. Enhanced due diligence may need to be undertaken for high risk individuals and transactions.
HM Revenue & Customs has produced a useful guide for estate agents to ensure they are compliant with the Regulations. The guidance can be found here.
Our anti-money laundering templates are an EXAMPLE ONLY and are intended to be a starting point for you to implement the requirements set out in the legislation and guidance. You must tailor the templates to suit your own business. These templates must be read alongside the relevant money laundering regulations and specific HM Revenue and Customs guidance.
If you are unsure how to edit or adapt these templates in accordance with the relevant legislation and guidance, professional advice should be sought.
This Commercial Property Estate Agency Customer Identification and Risk Assessment Form is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
This document is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
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