ANTI MONEY LAUNDERING POLICY

POLICY STATEMENT

Warren Property Matters are committed to ensuring that it has adequate controls to counter money laundering activities and terrorist financing activities, in accordance with the Money Laundering, Terrorist Financing & Transfer of Funds (Information on the Payer) Regulations 2017 and any subsequent amendments.  Warren Property Matters is registered and supervised by HM Revenue & Customs for compliance.

HOW WE MANAGE RISK

Risk Assessment

The Money Laundering Regulations require us to risk assess our business relationships in order to understand our customers and identify behaviour and circumstances that may indicate a higher risk of money laundering and terrorist financing activities. Warren Property Matters has undertaken and documented a thorough risk assessment and we have subsequently implemented the appropriate policies and procedures required to minimise this risk.

Training

Warren Property Matters is committed to staff training in anti-money laundering legislation to ensure they are aware of the risks of money laundering and terrorist financing, the relevant legislation and their responsibilities under that legislation and that they are fully trained in the firm’s procedures and in how to identify and deal with potential money laundering or terrorist financing activities.  This training is delivered to new employees as part of the on-boarding process and via ongoing group training sessions and communications thereafter.

Auditing

Documented compliance audits are carried out at regular intervals and all customer due diligence carried out at branch level is approved before the business relationship with the client or counterparty to the transaction commences. Any remedial action and/or further training required is identified and implemented in a timely fashion.

CUSTOMER DUE DILIGENCE (CDD) MEASURES

The Individual

Adherence to the approved “Due Diligence” identification procedures on every occasion will mitigate the risks of our business being used to launder money or fund terrorism.

For this purpose, we use a third-party electronic verification solution which uses next-generation facial recognition technology to verify the identity of an individual and the authenticity of the identity document provided.

Proof of Ownership (where relevant) is also carried out electronically, as part of our standard CDD process.

Where the electronic verification process is unsuccessful or inconclusive, we will collect documents, as stipulated within the current regulatory guidance.

 A Company or other legal structure

For customers who are not private individuals, such as corporate customers and private companies, we will take all reasonable steps to identify the Ultimate Owner and all Beneficial Owner/s and carry out CDD on those individuals identified, as described above.  We will also obtain and hold on file official/company documents, as detailed below.

A Company (including a UK LLP) which is not listed on a regulated market such as the London Stock Exchange:

• Copy of the Certificate of Incorporation
• Copy of the most recent filed Audited Accounts
• Details of the current company officers (Directors, Company Secretary and Shareholders)

A Company (including a UK LLP) which is listed on a regulated market such as the London Stock Exchange:

• A copy of a dated page from the website of the relevant stock exchange or
• A photocopy of the listing in a reputable daily newspaper

A Trust:

• Trust deed
• List of trustees
• List of beneficiaries

CDD will be carried out on all individuals with a vested interest in 25% or more of the capital and/or those who exercise control over the trust, as described above.

Probate

• Grant of Probate (where a will was left)
• Letter of Administration (where no will has been left)

CDD will be carried out on the executor or administrator, as described above.

SUSPICIOUS ACTIVITY REPORTING

The staff member dealing with the individual/transaction will notify the Money Laundering Reporting Officer (MLRO) or Deputy MLRO if they have reason to suspect that a person may be engaged in money laundering and/or terrorist financing.  The MLRO and/or Deputy MLRO will review the information to hand and make a final judgement as to whether or not to submit a Suspicious Activity Report (SAR) to the National Crime Agency.  Any decision made to submit a SAR will be confidential and not shared with the subject or any member of staff.   Contact details for the appointed MLRO and Deputy MLRO are provided below.

RECORD KEEPING

In accordance with current legislation records of all Customer Due Diligence will be retained for at least five years from the end of the business relationship or five years from the date the transaction was completed.

The purpose of keeping these records is to demonstrate the business’s compliance with the regulations and to aid any resulting investigations.

The personal data we are obliged to collect under these regulations is necessary in order to exercise a public function that is in the public interest and we cannot lawfully delete it, even if requested under GDPR legislation until this period had lapsed.

In consideration of our carbon footprint, copies of all personal data and any documents procured for the purposes of identity verification will be stored electronically via a secure, cloud-based, CRM System and will not be used for any other purpose.

Money Laundering Reporting Officer:      

Brian Warren
Warren Property Matters
104-105 High Street
Eton
Berkshire SL4 6AF

Tel: 01753 625 101
Email:  brian@warrenproperty.co.uk