🛡️ AML Checks and Proof of Funds: What You Need When Buying Property
If you’re planning to buy or sell a property, be prepared to provide documents for Anti-Money Laundering (AML) checks and proof of funds. It’s a legal requirement that ensures the property market remains a safe, transparent environment for everyone involved. At David Clarke Estate Agents, we take compliance seriously and guide our clients in Herne Bay and Whitstable through this essential step.
Estate agents, mortgage lenders, and solicitors are all required by law to verify the identity of their clients and confirm where their money is coming from. This protects against criminal activity like fraud, tax evasion, and money laundering—and while it might feel intrusive, it’s a normal and necessary part of the process.
What documents will you need to provide?
- Proof of identity: This includes a valid passport, driving licence, or government-issued ID. It must be current and clear.
- Proof of address: A recent utility bill, council tax statement, or bank statement (dated within the last 3 months).
- Proof of funds: You’ll need to show how you’re funding the purchase. This might be savings, proceeds from a previous sale, a gifted deposit, or a mortgage offer.
If you’re receiving help from family or a friend (a gifted deposit), they’ll also need to complete a declaration and provide proof of their own funds. It’s important that all financial sources are traceable and legitimate.
Some buyers wonder why they need to provide these documents more than once. This is because every party in the transaction—your agent, solicitor, and mortgage broker—has a legal duty to carry out their own checks. Fortunately, we make this process as smooth as possible at David Clarke Estate Agents.
Failing to provide the correct documents promptly can delay your purchase. In worst cases, it could even lead to the deal falling through. That’s why we encourage all our clients to get these documents ready early, especially when making an offer on a property.
Our estate agents in Whitstable and Herne Bay are always happy to explain what’s needed, how to prepare, and how your data is handled safely. We treat your information with the utmost confidentiality, complying with the latest GDPR and AML regulations.
Buying a home is an exciting time—and compliance checks shouldn’t get in the way of that. Let David Clarke Estate Agents handle the legalities while you focus on finding the perfect property.