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Anti Money Laundering (AML) Checks

Anti Money Laundering (AML) Checks

Introduction

When you're buying a property, Anti-Money Laundering (AML) checks are a necessary step to ensure everything complies with the law.

Both your estate agent and solicitor will need to carry out these checks before the transaction can proceed smoothly.

This guide provides a simple step-by-step overview of the AML process, helping buyers understand what is required and how to avoid unnecessary delays.

Step 1: Have Your ID and Documents Ready

Once your offer on a property has been accepted, the clock starts ticking.

Both your estate agent and solicitor will ask for documents to verify your identity and address.

Documents You'll Need

Valid Photo Identification

Examples include:

  • Passport

  • Driving licence

Proof of Address

Examples include:

  • Bank statement

  • Utility bill

Your proof of address should normally be dated within the last three months.

Preparing these documents early can help prevent delays later in the transaction.

Step 2: Complete AML Checks with Sheldon Bosley Knight

Sheldon Bosley Knight will most likely be the first to conduct AML Checks. They need to check you meet AML regulations before proceeding further. Once you’ve made payment for the checks, you’ll be able to complete the AML Checks through your portal.

Please Read: If you've done the AML checks on the portal but haven’t paid yet, you’ll still need to pay a fee per buyer.

Step 3: Provide Documents to Your Solicitor

Your solicitor is legally required to carry out their own independent AML verification.

Even if the estate agent has already seen your documents, the solicitor cannot rely on those checks alone.

How to Send Your Documents

You may be asked to:

  • Upload documents through a secure client portal

  • Send documents via secure email

  • Present original documents during an in-person meeting

Always follow your solicitor's preferred verification process.

Recommended Timeframe

Submit your documents within the same 48-hour period wherever possible.

Quick action can help avoid delays and keep your transaction progressing smoothly.

Step 4: Await Confirmation

Once your solicitor has received your documents, they will begin the verification process.

AML checks are often completed within a day or two.

However, delays can occur if:

  • Documents are missing

  • Information is incomplete

  • Additional verification is required

Keep an eye on your emails and messages so you can respond quickly if further information is requested.

Avoid Common AML Pitfalls

AML checks are usually straightforward, but there are a few common mistakes that can cause delays.

Missing Deadlines

Delaying document submission can slow down the entire property transaction.

The sooner documents are submitted, the sooner checks can be completed.

Invalid Documents

Ensure that:

  • Your passport or driving licence is in date.

  • Your proof of address meets the required criteria.

  • Utility bills and statements are recent.

For example, proof of address documents are generally required to be less than three months old.

Ignoring Follow-Up Requests

Sometimes additional verification is required.

If your estate agent or solicitor requests further information:

  • Respond quickly.

  • Provide documents promptly.

  • Keep communication open.

Ignoring requests can lead to unnecessary setbacks.

Why AML Checks Are Important

AML regulations exist to help prevent:

  • Money laundering

  • Fraud

  • Financial crime

  • Identity theft

Property transactions involve large sums of money, making them a key area for regulatory compliance.

Although the checks may feel like another administrative task, they are an important legal requirement designed to protect everyone involved in the transaction.

Actions to Complete

Buyer

  • Complete AML checks with Sheldon Bosley Knight.

  • Provide identification documents to your solicitor.

Buyer's Solicitor

  • Receive Memorandum of Sale.

  • Receive identification documents.

Update Milestones

Once AML checks have been completed:

  • Mark the milestone as complete within your portal to notify everyone involved.

  • Tick the milestone off your checklist.

Keeping milestones updated helps ensure all parties remain informed throughout the transaction.

Final Message From The Team

AML checks are straightforward when approached promptly and with the right documentation. Submitting your information within 48 hours of your offer being accepted ensures estate agents and solicitors can conduct their checks without delay, keeping the milestones on track.

If you’re unsure about any of the steps, your solicitor will be more than happy to clarify. Being prepared and acting quickly can save you weeks in the long run.

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Good luck with your sale!

Disclaimer:

The information in this guide is provided for general information purposes only and does not constitute legal, financial, mortgage, tax, or professional advice.

While we aim to keep the information accurate and up to date, Sheldon Bosley Knight makes no guarantees or warranties regarding its accuracy or completeness.

You should always seek advice from a qualified solicitor, financial adviser, mortgage broker, accountant, or other relevant professional before making any decisions based on this information.

Sheldon Bosley Knight accepts no liability for any loss or damage arising from reliance on this guide.