Field & Sons Money Laundering Policy

Introduction

The money Laundering  Regulations, which came into force on March 1^st 2004  impose obligations on organisations as well as individuals.

The staff of Field & Sons are familiar with their obligations & the procedures in place to meet them.

What is money laundering?

Money laundering is the concealment of the origin & ownership of illegally obtained cash, so that it appears to have been obtained from a legitimate source. “Dirty” money is given the appearance of “clean”funds & is normally used to hide the proceeds of serious criminal activities such as terrorism, drug smuggling, theft & fraud.

It is big business & estimates suggest that around 2% of the UK’s gross domestic product is laundered money- that amounts to £18bn.

Property investments are an easy way of converting money through purchase or resale, since very few questions are asked about the source of the funds used.

These regulations reduce the opportunities for money laundering in relation to the types of business identified in the regulations, by insuring those engaged in those businesses have effective anti-money laundering systems & controls. They promote market confidence & consumer protection by offering the services of a firm that is known not to be used for money laundering purposes.

What Field & Sons do to comply with Money Laundering Regulations

When you instruct us to sell your property, you will be informed that we will perform a Money Laundering Check, using the veriphy electronic checking system, as part of our policy and you will be asked to provide us with the following information………

1. Your full name
2. Your gender
3. Your date of birth
4. Your current address & full post code

You MAY also be asked to provide us with your current UK drivers license and or an up to date utilities bill, which we will photo copy,  for further proof of identity

Please note….

• The result of a Money Laundering Check is private & confidential and we are legally obliged NOT to disclose the results to you or anyone else.
• We are obliged to archive the “ results record” for at least 5 years.

   Updated 10^th Dec.2007