Anti-money Laundering Requirements (AMLs)
What is money laundering?
Money laundering is exchanging criminally obtained money or other assets for ‘clean’ money or other assets with no obvious link to their criminal origins. It also covers money, however come by, which is used to fund terrorism.
Why does the UK have money-laundering regulations?
The Money Laundering Regulations in 2007 implement the EC third Money Laundering Directive in the UK. Both of these pieces of legislation reflect the recommendations of the International Financial Action Task Force, which was set up to tackle money laundering on a worldwide basis.
The Money Laundering Regulations play a crucial role in safeguarding the UK financial system from organised criminals and terrorists.
Why do purchaser(s) have to prove their identity?
Being able to verify the identity of purchaser(s) makes it more difficult for criminals to use false names and addresses or the identities of innocent people. It means we will not take on new customers suspected or involved in criminal activities. This helps the police and law enforcement agencies to detect and investigate crime.
When Stonehouse Seven verifies identity?
Due to UK law. All firms dealing with high value amounts of money are required by law to verify the identity of a new customer. We perform an identity check at the start of our business relationship. This allows both parties to feel comfortable as an extra security measure.
How Stonehouse Seven verifies identity?
We require a minimum of 2 photographic copies as evidence confirming your identity as in your name and also your address. The list below contains all items that are deemed worthy as suitable evidence for UK based private individual residents.
1. Personal identity documents (a copy of one of the following)
- Current signed passport
- Current UK photo card or old style FULL UK driving licence
2. Proof of address documents (a copy of one of the following)
- Local authority tax bill (valid for the current year)
- Bank or building society statement dated within the last 3 months. (Unfortunately credit card statements cannot be accepted)
- Utility Bill (gas, water, electricity, and landline) statement dated within the last 3 months. (Unfortunately mobile telephone bills cannot be accepted)
- Current UK photo card or old style FULL UK driving licence (ONLY if this has not been used as proof of identity)
- HM Revenue Customs tax notification
- State Pension letter (no more than 3 months old)
* Please note for security, quality assurance and training purposes phone lines are monitored or recorded.