Introduction

At James of Westminster, we are committed to ensuring compliance with the UK’s Anti-Money Laundering (AML) regulations, as set out in the Money Laundering Regulations 2017 and updated by subsequent legislation. Our AML policy is designed to prevent and detect financial crime, ensuring that our business remains a safe and trustworthy environment for all clients.

Our Responsibilities

As a regulated estate agency, we have a legal obligation to prevent money laundering and terrorist financing by carrying out due diligence checks on all clients. This includes verifying identities, assessing risks, and reporting any suspicious activity to the appropriate authorities.

Customer Due Diligence (CDD)

To comply with AML regulations, we conduct thorough identity verification checks before entering into a business relationship. This includes:

• Identifying and verifying the identity of buyers, sellers, landlords, and tenants.
• Understanding the nature of transactions to ensure legitimacy.
• Where necessary, applying Enhanced Due Diligence (EDD) for higher-risk clients or transactions.

Identity Verification

We require all clients to provide valid identification and proof of address. Acceptable forms of ID include:

• Passport or driving licence
• Recent utility bill or bank statement (dated within the last three months)
• Company registration documents (for corporate clients)

Politically Exposed Persons (PEPs) and High-Risk Clients

We conduct additional checks for Politically Exposed Persons (PEPs) and clients associated with high-risk countries or activities. Enhanced due diligence may involve requesting additional documentation and conducting further background checks.

Source of Funds and Wealth Checks

To mitigate the risk of money laundering, we may request information regarding the source of funds used for property transactions. This helps ensure that the funds involved are legitimate and not derived from criminal activities.

Reporting Suspicious Activity

If we suspect any unusual or potentially illegal activity, we are required by law to report it to the National Crime Agency (NCA) through a Suspicious Activity Report (SAR). We are prohibited from informing the client of such a report due to ‘tipping-off’ laws.

Staff Training and Compliance

All employees undergo regular AML training to stay informed about evolving regulations and best practices. Our compliance team ensures that policies are adhered to and that all necessary records are maintained for at least five years.

Data Protection and Confidentiality

We handle all client information with the highest levels of security and in compliance with the UK General Data Protection Regulation (UK GDPR). Personal data collected for AML purposes is processed lawfully and retained only for the required period.

Contact Us

If you have any questions about our AML policy or require further information, please contact us at:

James of Westminster Ltd,
15 Greycoat Place,
Westminster,
London,
SW1P 1SB

info@jamesofwestminster.co.uk
0203 488 4439

Last Updated: 17/03/2025