Angel Estates Ltd Commitment to Compliance
At Angel Estates Ltd, we are committed to maintaining the highest standards of integrity and compliance with all applicable laws and regulations. As part of our commitment to ethical business practices, we have robust Anti Money Laundering (AML) policies and procedures in place to prevent the misuse of our services for money laundering and terrorist financing activities.
What is Money Laundering?
Money laundering is the process of concealing the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses. It allows criminals to disguise the proceeds of crime and integrate them into the legitimate economy.
Our Legal Obligations
As an estate agent, Angel Estates Ltd is legally required to adhere to the following regulations and standards to combat money laundering and terrorist financing:
- The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
- The Proceeds of Crime Act 2002 (POCA)
- The Terrorism Act 2000 (TACT)
These regulations require us to implement comprehensive AML procedures, conduct thorough due diligence, and report any suspicious activities to the relevant authorities.
Our AML Procedures
1. Customer Due Diligence (CDD)
Before engaging in any business relationship, we conduct Customer Due Diligence to verify the identity of our clients. This involves:
- Identity Verification: We require photographic identification, such as a passport or driving license, and proof of address, such as a utility bill or bank statement.
- Enhanced Due Diligence: For higher-risk clients, such as politically exposed persons (PEPs) or clients from high-risk jurisdictions, we perform enhanced due diligence, which includes additional verification measures and obtaining information about the source of funds.
2. Ongoing Monitoring
We continuously monitor our business relationships to detect and report any unusual or suspicious activity. This includes:
- Transaction Monitoring: Regularly reviewing transactions to identify patterns or behaviors that may indicate money laundering.
- Client Reviews: Periodically updating client information and reassessing the risk level of each client.
3. Record Keeping
We maintain detailed records of all CDD measures, transactions, and communications for a minimum of five years. This ensures that we can provide accurate information to the authorities if required.
4. Suspicious Activity Reporting (SAR)
If we suspect that a client is involved in money laundering or terrorist financing, we are legally obligated to submit a Suspicious Activity Report (SAR) to the National Crime Agency (NCA). This report is confidential and helps the authorities to investigate and prevent criminal activities.
Employee Training
All our employees receive regular training on AML laws and procedures to ensure they are aware of their responsibilities and can identify and report suspicious activities. Our training program includes:
AML Regulations and Compliance: Understanding the legal framework and our obligations.
Risk Assessment: Identifying and assessing risks associated with money laundering and terrorist financing.
Reporting Procedures: How to report suspicious activities internally and to the relevant authorities.