Anti Money Laundering & Counter Terrorism

Marbella Lettings Anti Money Laundering and Anti Terrorism Policy

As many of you will already know, Marbella Lettings are very thorough when taking on any new clients and especially when accepting any transactions from these clients.

Why do we ask for your documentation?

“Why do you need my documentation” is a question we are asked on a regular basis. “No other agents asked for this documentation” is also another comment we get.

By law, it is our responsibility to comply with UK, European and International Anti Money Laundering and Anti Terrorism Policies. In actual fact, it´s every companies responsibility.

We want to ensure that we are doing all we can to ensure that we are adhering to these laws and assisting to prevent Money Laundering and Terrorism.

What documentation will Marbella Lettings ask for?

Marbella Lettings will ask you to supply the following documentation and will also ask you to complete a “Know Your Client Form” (this will be displayed at the bottom of this document).

Up to date copy of your Identity Document (passport, national ID, driving license etc)
Proof Address
Proof Funds (should you be making any transactions). Where and how the funds have been created / originated.
Proof of Property Ownership (if you are a landlord wishing to rent your property)

NB: Should you be requesting to rent a property, we will also request a reference from your previous landlord or real estate agent.

OUR POLICY

Introduction
This document and the policy contained herein, details the process and procedures we have adopted.

It is essential that our business and it’s employees comply with the letter and spirit of this policy as failure to do so would be a criminal offence, which could carry a prison sentence.

Background to Money Laundering

Money Laundering

The Money Laundering Regulations ensure businesses at risk of being used for money laundering by criminals and terrorists have controls in place to minimise the risk of this happening. Money laundering is how criminals change money and other assets into clean money or assets that have no obvious link to their criminal origins.

Money laundering can take many forms, including:

Using proceeds of crime
Mortgage fraud
Tax evasion
Terrorist financing
Criminal activity
Impersonation

Policy Statement
Our policy statement makes clear the actions we take to prevent money laundering and terrorist financing, by setting down our policies and procedures in writing.

The aim of the Due Diligence procedures that we have adopted is to establish key identifiers that help combat fraudulent and money laundering activity in the rental market. This document details how to highlight and escalate concerns via a defined chain of command, creating documented audit trails.

All of our Staff are aware that they must report any suspicious activity to our Nominated Officer who has full autonomy to carry out their duties.

We aim to make our procedures non-intrusive and easy for our staff to comply with the Anti Money Laundering obligations.

All of our Staff understand that they carry Personal Liability and that they may be committing a crime, if they do not comply with our Policy and Procedures Document.

All of our staff are aware that they could incur an unlimited fine and/or a prison term of up to two years if:

• They agree to, or are involved in committing a crime

• A crime is committed because of their neglect

It is important that all of our staff read, understand and implement the Policy Procedure and they will be provided with regular training on Anti Money Laundering.

Policies and Procedures for Customer Due Diligence

Landlord Documentation, Records and Policy

Prior to marketing a property we ensure that every landlord is known to us and satisfies our AML checks by completing, recording and storing all necessary details.

In order to demonstrate this request the following checks for all landlords:

Complete and check landlord “Know Your Client Form”
Verifying and retaining copies of all Vendor(s) passports and/or driving licences
Confirmation of the Property’s Occupancy Status
Proof of property ownership via title deed or similar
Proof of Current Residential Address

Complete and check rental client “Know Your Client Form”
Verifying and retaining copies of all rental client(s) passports and/or driving licences
Proof of funds check (source and creation of funds).
Current landlord reference or real estate agent reference
Proof of current residential address

High Value Rental Documentation, Records and Policy

Where a Landlord or a Tenant enters into a rental contract, which has a one off payment value greater than €10,000 it is the company’s policy to ensure that all parties to the transaction are known to us and all satisfy our AML checks by completing, recording and storing all necessary details.

In order to demonstrate Due Diligence we will complete the following checks for all Landlords and Tenants.

Landlord and Tenant “Know Your Client Form”
Verifying and retaining copies of all Landlord’s and Tenant(s) passports and/or driving licences.

Identifying and Reporting Suspicious Activity
The first action by any staff member who suspects suspicious activity is to escalate the matter to the Nominated Officer. Under no circumstance should any of the parties be informed before, during or after any investigation whether formally reported or not.

The Nominated Officer should assess any report and decide whether to escalate the matter. The matter could be escalated to an approved Lawyer or where the seriousness or level of potential risk is high, should be escalated to the NCA via a Suspicious Activity Report under the Proceeds of Crime Act or the Terrorism Act.

Storage

Our records are held securely and electronically for 5 years from the date of the transaction.

Staff Awareness

Our Senior Managers understand that they are personally liable for their conduct AND that of the staff employed by the company, or anyone representing the company.

Our staff and senior managers are aware that they must report any suspicious activities during the entire transaction process.

Staff Personal Liability

Our staff are familiar with our Policy and Procedures Document and of their personal responsibility and liability within these regulations.

Training
We train all staff when they join the company. This training is maintained throughout their employment and is reviewed when they moveto other jobs within the company, or change roles.

Our staff will receive ongoing training at least every two years.

Reviews and Controls

It is our policy to monitor and review the success of our Anti Money Laundering controls at least every six months.

Suspicious Activity

Checking the customer’s identity proves difficult
The customer is reluctant to provide details of their

Identity or provides fake documents

The customer is trying to use intermediaries to protect their identity or hide their involvement
No apparent reason for using your business’s services
Part or full settlement in cash or foreign currency, with weak reasons
Use of cash in a quick transaction, or cash exchanges directly between landlord and tenant
Perhaps including cash deposit
The customer or other party does not take up services that are attractive
The property value doesn’t fit the customer’s profile
The customer has not viewed the property or has only seen it on the internet
Customers are similar – a group of renters with similar profiles purchasing

Suspicious Circumstances

• A property has multiple owners or is owned by nominee companies
• Rental price significantly above or below market price

• An unknown third party appears at a late stage
• Unusual speed or requests to expedite transactions unnecessarily
• A sudden or unexplained change in ownership
• A third party, apparently unconnected with the customer, bears the costs, settles invoices or otherwise pays the transaction costs
• The customer requests payment to a third party who has no apparent connection with the customer
• An unusually big cash or foreign currency transaction, and the customer will not disclose the source of the funds
• Unusual involvement of third parties, cash gifts, or large payments from private funds, particularly where the buyer appears to have a low income
• You’re asked to hold a big sum in your client account, then refund it to the same or a different account

• Proceeds of a sale or rental sent to a high risk jurisdiction or unknown third party
• Unusual source of funds
• the owner, landlord isn’t complying fully with their legal obligations, perhaps to save money

THIS LIST IS NOT EXHAUSTIVE AND SERVES ONLY TO HIGHLIGHT EXAMPLES OF WHICH STAFF MUST BE AWARE.

KNOW YOUR CLIENT FORM – LANDLORDS

Full Name: ____________________ Date of Birth: ____________________

Marital Status: _________________ Nationality: _____________________

Telephone No: __________________ Email: _________________________

Residential Address: ______________________________________________

_____________________________________________________________

Full Address of Property to be Rented: __________________________________

_____________________________________________________________

Country of Residence: ______________________________________________

Passport Number: _________________________________________________

Employment Status (please tick where appropriate)

Employed Unemployed Self Employed Retired Other

Name of Employer / Business: __________________________________________

Company Activity: __________________________________________________

Office Use Only : (to be completed by Marbella Lettings staff only)

– Received Copy of Passport / National ID Card / Driving License

– Received Utility Bill Confirming Address Listed in Above Document

– Received Title Deed / Nota Simple (or similar document) proving ownership

KNOW YOUR CLIENT FORM – RENTAL CLIENTS