anchor properties

Property and Land Auctions

Money Laundering Regulations

The new legislation on money laundering came into force on 1st March 2004 with the definition of “relevant business’ being widened to include estate agency and auctioneers of both commercial and residential property. As a result, all successful bidders must now provide proof of identity and current address to the auctioneers immediately after the fall of the hammer before completing the sale memorandum

• Full Passport or National Identity Card
• Full UK/EU photo card Driving Licence
• Birth Certificate or Naturalisation Certification
• Firearm Certificate
• Resident Permit issued by the Home Office
• Inland Revenue tax notification

• Council Tax bill for the current year
• Recent mortgage statement from a recognised UK lender
• Bank or building society statement containing a current address
• Utility bill issued within the last three months

If the purchaser is acting on behalf of another party or on behalf of a company, evidence will also be required of the purchaser’s identity and address and this must be submitted to the vendor’s solicitors following the auction. We also recommend that if a bidder is acting on behalf of another party that they also obtain a letter of authority so to bid. Please note the Regulations are clear in that where a purchaser is unable to provide appropriate documentation the transaction cannot proceed further.