Anti-Money Laundering Policy

Last updated: January 2025

1. Introduction

Option Estates Ltd is committed to the highest standards of anti-money laundering (AML) compliance. As an estate agency business, we are subject to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended), the Proceeds of Crime Act 2002, and the Terrorism Act 2000. This policy sets out our approach to preventing money laundering and terrorist financing in connection with the property transactions we facilitate.

Option Estates Ltd is registered in England and Wales under company number 15783733. Our registered office is at 119a Friargate, Derby, DE1 1EX.

2. What Is Money Laundering?

Money laundering is the process by which criminals attempt to conceal the origins of illegally obtained money, typically by passing it through a complex sequence of transactions to make it appear legitimate. The property sector is recognised as being at risk of being used for money laundering purposes due to the high values involved in property transactions. Estate agents have a legal obligation to take reasonable steps to prevent their services from being used for money laundering or terrorist financing.

3. Customer Due Diligence and Identity Verification

We are required by law to verify the identity of all clients before we can proceed with a property transaction. This applies to all buyers, sellers, landlords, and tenants. Our customer due diligence (CDD) process includes:

  • Proof of Identity: We require a valid photographic identification document, such as a current passport or UK driving licence.
  • Proof of Address: We require a recent utility bill (dated within the last three months), bank statement, or council tax bill confirming your current residential address.
  • Proof of Funds: For purchasers, we require evidence of the source and origin of funds being used for the transaction. This may include bank statements, mortgage agreements, evidence of property sales, or other documentation demonstrating the legitimate source of funds.
  • Company Verification: Where a client is a company, trust, or other legal entity, we will carry out additional due diligence to verify the identity of the entity and its beneficial owners.

We may use electronic verification services to assist with identity checks. In some circumstances, enhanced due diligence may be required, for example where a client is a Politically Exposed Person (PEP) or where the transaction presents a higher risk of money laundering.

4. Risk Assessment

We maintain a firm-wide risk assessment that identifies and assesses the money laundering and terrorist financing risks to which our business is subject. This risk assessment takes into account the nature of our clients, the geographic areas in which we operate, the types of transactions we handle, and any other relevant factors. We review and update this risk assessment regularly and ensure that our policies, controls, and procedures are proportionate to the risks identified.

5. Record Keeping

We are required to keep records of all customer due diligence checks and transaction records for a minimum of five years from the date on which the business relationship ends or the transaction is completed. These records include copies of identification documents, evidence of source of funds, and details of the transaction. Records are stored securely and in compliance with data protection legislation.

6. Suspicious Activity Reporting

All members of our team are trained to recognise the signs of money laundering and suspicious activity. If we identify or suspect that a transaction may involve money laundering or terrorist financing, we are legally required to submit a Suspicious Activity Report (SAR) to the National Crime Agency (NCA). We are prohibited by law from informing the client or any other party that a SAR has been or may be submitted ("tipping off").

We have appointed a nominated officer who is responsible for receiving internal reports of suspicious activity, evaluating them, and where appropriate, submitting SARs to the NCA.

7. Staff Training

All members of our team receive regular training on money laundering regulations, our internal policies and procedures, and how to recognise and report suspicious activity. Training is provided when a new team member joins and is refreshed at regular intervals to ensure that our staff remain aware of their obligations and any changes to the regulatory framework.

8. Refusal of Service

We reserve the right to decline to act for any client or to discontinue a business relationship where we are unable to satisfactorily complete our customer due diligence checks, where we suspect that a transaction may be connected to money laundering or terrorist financing, or where the client refuses to provide the information or documentation we require.

9. What This Means for Our Clients

We understand that the identity verification process may seem time-consuming, but these checks are a legal requirement and serve an important purpose in protecting both you and the wider community. We ask for your cooperation in providing the required documentation promptly, as we are unable to proceed with any transaction until our due diligence checks have been satisfactorily completed.

10. Contact Us

If you have any questions about our anti-money laundering policy or the identity verification process, please do not hesitate to contact us: