Anti-Money Laundering (AML) Compliance

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LESS THAN 1%™ LTD is legally required to comply with the Money Laundering Regulations 2017.

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We are required to:

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• Verify the identity of all clients

• Obtain proof of address and identification

• Conduct electronic verification checks

• Retain records for regulatory purposes

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We may refuse to act if satisfactory identification is not provided.

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We may also be required to report suspicious activity to the appropriate authorities without notifying you.

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AML Checks:

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We are required by law to conduct anti-money laundering checks on all parties buying or selling a property. While we remain responsible for ensuring that these checks, and any ongoing monitoring, are carried out correctly, the initial checks are conducted on our behalf by Lifetime Legal, who will contact you once you have agreed to instruct us in connection with your sale, or once your offer on a property has been accepted.

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For vendors, the cost of these checks is a single fee of £48 (including VAT) per transaction. For buyers, the cost is a single fee of £68 (including VAT) per transaction, regardless of the number of buyers involved. These fees cover the obtaining of relevant data, together with any manual checks and ongoing monitoring that may be required.

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The relevant fee must be paid directly to Lifetime Legal in advance of us publishing your property (in the case of a vendor) or issuing a memorandum of sale (in the case of a buyer). The fee is non-refundable.

 

We may receive a proportion of the fee charged by Lifetime Legal to compensate us for our role in arranging these checks.