It’s been in the press recently that some estate agents are willing to turn a blind eye to money laundering.
Channel 4 started an investigation which claims some estate agents in the wealthiest areas are turning a blind eye to money laundering by foreign buyers.
At The Purple Property Shop, we undertake checks on all clients buying and selling a property to ascertain their reason for selling or buying and to confirm they are who they say they are. This includes the requirement to provide photo ID and proof of address and to undergo a risk assessment in line with HMRC anti-money laundering procedures.
All the team at The Purple Property Shop have undergone training and undertaken a formal assessment which is retaken yearly to ensure they are aware of what to look for and the procedure to follow show any suspicions be raised. We also have a formal written policy in place.
The HMRC have strict rules and regulations in place regarding an agent’s role in anti-money laundering and we at The Purple Property Shop ALWAYS adhere to these rules.
You can watch the Channel 4 video here and if you would like any more information, just give us a call on 01204 598979.