At Bari & Bari, we are committed to maintaining the highest standards of compliance with Anti-Money Laundering (AML) regulations. The real estate industry is a prime target for money laundering activities, and adhering to these laws is not only a legal requirement but also essential for ensuring trust, transparency, and security in all property transactions.

 

What is Anti-Money Laundering (AML)?

AML refers to the regulations and practices designed to prevent individuals or organisations from disguising illegally obtained funds as legitimate income. In the UK, real estate transactions are closely monitored due to the potential for large sums of money to be involved, making the sector attractive for money laundering.

 

Why is AML Important in Real Estate?

Money laundering can have significant social and economic consequences, including:

• Undermining financial systems and property markets.

• Facilitating organised crime and corruption.

• Creating unfair competition for legitimate businesses.

 

By complying with AML regulations, we help safeguard the real estate sector, protect our clients, and ensure that all transactions are conducted transparently and ethically.

 

How We Ensure AML Compliance

​

1. Client Due Diligence (CDD):

   • We verify the identity of all buyers, sellers, and other parties involved in property transactions.

   • This includes collecting proof of identity, address, and understanding the source of funds.
      

2. Enhanced Due Diligence (EDD):

   • For higher-risk transactions or parties, we carry out more extensive checks to ensure compliance.
      

3. Transaction Monitoring:

   • Our team carefully reviews all transactions to identify and report any suspicious activity, in line with the guidelines set by the National Crime Agency (NCA).
      

4. Record Keeping:

   • We securely store all relevant documents and data for at least 5 years, as required by UK AML laws.
      

5. Training & Awareness:

   • Our staff undergo regular AML training to stay updated on regulations and best practices.
      

What This Means for Our Clients

While these procedures may require additional documentation, they are designed to protect all parties involved in property transactions. By adhering to AML guidelines, we ensure:

• A secure and trustworthy transaction process.

• Full compliance with UK laws, reducing the risk of legal complications.

• Protection against fraud and illegal activity.

Your Role in AML Compliance

As a buyer or seller, you may be required to provide documentation to confirm your identity and the source of funds. These requirements are straightforward and designed to safeguard your transaction from potential risks.
 

Partner With Confidence

At Bari & Bari, we prioritise the integrity of every property transaction. By implementing robust AML practices, we provide peace of mind to our clients, ensuring a secure and transparent process every step of the way.