Money Laundering Checks
Good Move as regulated property buyers abide to the legislation of Money Laundering Regulations. Good Move undertake thorough due diligence on all clients so that the company is comfortable with their true identity.
Good Move has therefore put in place stringent internal controls and monitoring systems to satisfy themselves that their clients are not involved with fraudulent activity.
Customer due diligence for Good Move involves establishing from the outset:
- The vendors name
- Their photograph on an official document (passport / driving license) which confirms their identity
- Their residential address, recent utility bill and date of birth
Good Move obtain this information by requesting clients provide certain documentation. All documentation requested by Good Move has to be original in order for us to continue with the property transaction. Good Move will arrange for a representative to meet you at your property so that the homeowner is met in person so that photographs / photocopies of documents can be carried out for our records. Once Good Move are in receipt of all necessary documents these will be analysed in more detail using fraud detection software (if needed). The documents Good Move require are:
- 6 months bank statements of the account where the proceeds of the sale are to be received. For Good Move’s purpose, the bank statements must have your current address on. Your lawyer will have to provide an undertaking to pay the proceeds of the property sale into this designated bank account.
- Photo driving license and paper counterpart. Both will be required.
- Council tax bill and minimum 2 x utility bills
- Passport (expired passports will not suffice)
- Building Insurance policy for the residential property
As well as these documents highlighted all clients will be photographed and will be required to provide their signatures in the presence of our Representative. Clients / property owners are to advise us if they have changed their name in the last year to assist Good Move with their check for name changes.
Other sources of information Good Move can request is an original electoral register and information held by Equifax or Experian, the credit reference agencies. If Good Move has any doubts at all about a customer’s identity, we won’t continue to deal with you until we are completely satisfied of your identity and if the situation presents itself we will report the individual/s to the appropriate regulatory authorities.
Good Move as regulated property buyers will apply due diligence measures on their clients when:
- A transaction takes places / due to take place over 15,000 euros
- A new business relationship has been created
- There is a suspicion of money laundering
- There are doubts / suspicions about a client’s identification
- If circumstances change with an existing customer
Good Move will undertake further due diligence when the following situations arise:
- If the client isn’t physically present when identification checks take place
- When a business relationship takes place with a politically exposed person
- Any situation where there’s a high risk of money laundering
LEGAL NOTICE TO PROPERTY SELLERS FROM GOOD MOVE
Good Move is regulated by the RICS (Royal Institution of Chartered Surveyors), NAPB (National Association of Property Buyers) and the Property Ombudsman and are committed to preventing fraud in the property industry. The Quick House Sale industry unfortunately has become targeted by fraudulent sellers of late and it’s for this reason why Good Move are cautious and vigorous at the same time in establishing the identities of their clients.
Good Move is committed to combating Money Laundering and the prevention of fraud and identity theft. The main legislation governing money laundering is the Proceeds of Crime Act 2002, and abiding to this legislation, Good Move undertake physical and documentary checks to prove homeowners identity and proof of residence. The ultimate reason for doing this is to protect the Good Move brand, business and the general public.
If clients of Good Move decide not to choose a lawyer recommended by us, Good Move will subsequently then have to undertake due diligence checks on your legal representative. If Good Move suspect any sign of fraudulent activity there will be no hesitation to report the offence to our Money Laundering Regulatory Officer (MLRO) and in turn the National Crime Agency.
A WARNING TO POTENTIAL FRAUDSTERS
Good Move has a reputation for acquiring properties quickly and for this reason we can be targeted by fraudsters who attempt to carry out identity theft. Identity theft is generally where the property owner gives the impression that they are the property owners and then sell the property without the knowledge of the true owner.
Good Move continually train their employees on money laundering and counter fraud measures and have a good working relationship with the relevant authorities in this field. In addition to the documents we will obtain from clients, Good Move will also undertake further authentication checks in addition to the ones highlighted above.
Good Move has a relationship with the National Crime Agency and we regularly report our suspicions so that the business and the general public are protected at all times. We often report suspicions in confidence to the National Crime Agency and can still act to proceed with a potentially fraudulent purchase with a view to catching fraudsters with the appropriate authorities.
With a view to being transparent, all telephone calls are recorded for training and monitoring purposes.