MONEY LAUNDERING POLICY STATEMENT – PROCEEDS OF CRIME ACT 2002
Our approach to preventing money laundering:-
Choice Lettings is required to carry out Customer Due Diligence, which means we take steps to identify our customers and check they are who they say they are. In practice this means we are required to see original documentation confirming a customer’s:
- Photograph on an official document which confirms their identity
- Residential address or date of birth
The best way to do this, is to ask our customers to produce an original government issued document like a passport, along with utility bills, bank statements and other official documents so that we can check spellings, validity, photo likeness and match addresses.
Once we have inspected the original documents we shall take photocopies of them, which will be retained with our records for five years after the date a business relationship ends or the date a transaction is completed.
We shall also need to identify the ‘beneficial owner’ in certain situations. This may be because someone else is acting on behalf of another person in a particular transaction, or it may be because we need to establish the ownership structure of a company, partnership or trust.
As a general rule, the beneficial owner is the person who’s behind the customer and who owns or controls the customer, or it’s the person on whose behalf a transaction or activity is carried out.
All employees at Choice Lettings will not accept cash payments from anyone who is not known to them and who has not been checked.
Choice Lettings cannot accept a cash payment of more than £1000.00. We recommend that all cash payments are paid directly into our Choice Lettings Clients Account.
Members of staff will report any suspicious transaction or activity to the Money Laundering Reporting Officer at Choice Lettings. It is her responsibility to decide whether a Suspicious Activity Report needs to be sent about the incident to the National Crime Agency