Anti Money Laundering

1. Our Commitment

Urban Edge Estates Ltd is committed to preventing money laundering and terrorist financing. We operate in full compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), the Proceeds of Crime Act 2002 (POCA), and the Terrorism Act 2000.

As an estate agency business, we are regulated by HM Revenue & Customs (HMRC) for anti-money laundering supervision. Our HMRC supervision registration number is available upon request.

2. What Is Money Laundering?

Money laundering is the process by which criminal proceeds are disguised to appear legitimate. It is a serious criminal offence in the United Kingdom, carrying penalties of up to 14 years' imprisonment and/or an unlimited fine. Terrorist financing involves providing or collecting funds intended for terrorist purposes.

Under UK law, we are legally obliged to report any knowledge or suspicion of money laundering or terrorist financing to the relevant authorities.

3. Customer Due Diligence (CDD)

In accordance with MLR 2017, we conduct Customer Due Diligence on all clients before entering into a business relationship or carrying out a transaction. This includes:

• Identity verification: Verifying the identity of all clients (and beneficial owners where applicable) using government-issued photographic identification (passport or driving licence) and proof of address (utility bill, bank statement, or council tax bill dated within the last 3 months).
• Source of funds: Establishing the source of funds for any property transaction, including bank statements, savings accounts, sale proceeds, gifts, inheritance, or mortgage agreements.
• Source of wealth: Understanding the background and origin of a client's overall wealth where deemed necessary.
• Ongoing monitoring: Keeping client information up to date and monitoring transactions throughout the business relationship.

4. Enhanced Due Diligence (EDD)

We apply Enhanced Due Diligence measures in higher-risk situations, including but not limited to:

• Clients who are Politically Exposed Persons (PEPs) or family members/close associates of PEPs.
• Clients resident in, or transactions involving, high-risk third countries as identified by the Financial Action Task Force (FATF).
• Complex or unusually large transactions with no apparent economic or lawful purpose.
• Non-face-to-face business relationships where identity verification risks are higher.
• Transactions involving anonymous or corporate structures that obscure beneficial ownership.

5. Reporting Obligations

If we know or suspect, or have reasonable grounds for knowing or suspecting, that a person is engaged in money laundering or terrorist financing, we are legally obliged to submit a Suspicious Activity Report (SAR) to the National Crime Agency (NCA).

IMPORTANT: By law, we are prohibited from informing you (the client) if a SAR has been submitted about your transaction or activity. This is known as the "tipping off" offence under Section 333A of POCA 2002 and carries a penalty of up to 2 years' imprisonment and/or an unlimited fine.

6. Record Keeping

We retain copies of all identity documents, due diligence records, and transaction records for a minimum of five years after the end of the business relationship or completion of the transaction, in accordance with MLR 2017. All records are stored securely and treated confidentially.

7. Staff Training & Awareness

We provide regular anti-money laundering training to all relevant staff members. Our employees understand their legal obligations, are trained to identify suspicious activity, and know the correct procedures for reporting concerns to our nominated Money Laundering Reporting Officer (MLRO).

8. Nominated Officer (MLRO)

We have appointed a Money Laundering Reporting Officer (MLRO) who is responsible for:

• Receiving and evaluating internal reports of suspected money laundering.
• Deciding whether to submit a SAR to the NCA.
• Overseeing our AML compliance programme.
• Ensuring staff are appropriately trained.
• Liaising with HMRC, the NCA, and other relevant authorities as required.

9. Penalties for Non-Compliance

Failure to comply with UK anti-money laundering regulations can result in severe penalties for both individuals and businesses, including:

• Unlimited fines.
• Imprisonment for up to 14 years.
• Confiscation of assets.
• Revocation of HMRC supervision registration.
• Reputational damage and loss of professional standing.

10. Client Obligations

As our client, you are required to:

• Provide accurate and complete identification documents promptly upon request.
• Disclose the source of funds for any property transaction.
• Notify us immediately of any changes to your circumstances or ownership structures.
• Understand that we cannot proceed with any transaction until satisfactory due diligence has been completed.

We reserve the right to decline to act, or cease acting, for any client where we are unable to complete satisfactory due diligence or where we have concerns regarding money laundering or terrorist financing.

11. Contact

If you have any questions about our Anti Money Laundering policies and procedures, please contact us: