Anti-Money Laundering Policy

Anti-Money Laundering (AML) / Sanctions Checks Policy

Why We Charge for AML Checks:
At Wilkie May & Tuckwood, we are legally required under the Money Laundering Regulations 2017 to carry out identity, sanctions lists and financial verification checks on all clients involved in property transactions. These checks are vital to help prevent criminal activity such as fraud and money laundering within the property market.

Industry Standard Practice:
Solicitors and many other professional service providers have long charged clients for these legally mandated checks. To ensure compliance and uphold our professional responsibilities, we use a secure third-party online platform that provides fast, accurate, and compliant AML checks.

Who Needs to Be Checked:
All individuals involved in a property transaction (buyers, sellers, landlords and beneficial owners) are subject to AML/sanctions lists checks. Each person must be checked separately, and a administration fee applies per individual.

Transparency and Professional Responsibility:
We are committed to transparency and compliance in all aspects of our service. Charging for AML ensures we can continue to meet our legal obligations effectively; just as other regulated professionals do.

Anti-Money Laundering Administration Fee:
Wilkie May & Tuckwood may charge an administration fee of up to £50 + VAT (£60) per person for undertaking the required anti-money laundering checks. Any applicable fee must be paid prior to completion of the checks and may be paid by bank transfer. Bank details are available upon request.