Whozoo tips #15 - When I do AML, is my information kept private?

Published: 17/01/2024

When you undergo Anti-Money Laundering (AML) checks for your estate agent, your information is treated with confidentiality and handled in accordance with data protection laws. Estate agents, like other professionals conducting AML checks, are required to adhere to strict privacy and data protection regulations to safeguard the personal information provided by their clients.

Here are key points to consider regarding the privacy of your information during the AML process:

Data Protection Laws:
•Estate agents in the UK are bound by data protection laws, including the General Data Protection Regulation (GDPR), which outlines strict rules for the processing and protection of personal data. This legislation is designed to ensure that your information is handled responsibly and securely.

Confidentiality Obligations:
•Estate agents have a legal and ethical obligation to maintain the confidentiality of the information obtained during the AML process. They are not permitted to disclose your personal details to third parties without your consent, except as required by law or regulatory authorities.

Limited Access:

Estate agents typically limit access to AML-related information only to personnel who are directly involved in the transaction process and have a legitimate need to access such data. This is done to minimize the risk of unauthorized disclosure.

Secure Storage:
•AML-related documents and information are securely stored by estate agents. This may involve encryption, secure databases, and other measures to prevent unauthorized access.

Retention Period
•Estate agents are generally required to retain AML-related information for a specified period as mandated by law or regulatory guidelines. After this period, the information is typically securely disposed of in accordance with data protection requirements.

Informed Consent:
•Estate agents often seek your informed consent before initiating AML checks. This consent includes an acknowledgment that your information will be processed for the specific purpose of AML compliance.

•Estate agents are expected to be transparent about their data protection practices. This includes providing you with information on how your personal data will be used, the purpose of the AML checks, and your rights regarding the processing of your information.

Security Measures:
•Estate agents implement security measures to protect against data breaches and unauthorized access. This includes measures such as encryption, secure communication channels, and employee training on data protection.

It's advisable to review the estate agent's privacy policy or request information about their data protection practices before providing any personal information for AML checks. If you have concerns about the privacy of your data, you may also discuss these concerns with the estate agent to ensure that you are comfortable with the handling of your information.
My commercial estate agent has provided me with terms to sign and I have completed my AML check, what happens next?
After completing the Anti-Money Laundering (AML) check and signing the terms provided by your commercial estate agent, the process of selling your commercial property will typically move forward through several key stages.

Here's an overview of what typically happens next:

Marketing and Promotion:
•Once the AML check is complete and the terms are signed, the estate agent will proceed with marketing and promoting your commercial property. This involves creating property listings, developing marketing materials, and using various channels to showcase the property to potential buyers or tenants.

Viewings and Inspections:
•The estate agent will coordinate viewings and property inspections with interested parties. They may accompany potential buyers or tenants during these visits, highlighting the property's features and addressing any questions.

Offer Negotiation:
•If a prospective buyer or tenant expresses interest, the estate agent will facilitate negotiations between you and the interested party. This may involve discussions on price, terms, and any conditions associated with the sale or lease.

Offer Acceptance:
•Once mutually acceptable terms are reached, you, as the property owner, will formally accept the offer. This is typically done in writing, and the accepted offer becomes the basis for the sale or lease agreement.

Legal and Due Diligence:
•At this stage, the parties involved will engage in legal processes and due diligence. Buyers or tenants may conduct inspections, review legal documents, and complete any necessary investigations to ensure the property meets their requirements.

Drafting Legal Documents
•Legal professionals, often solicitors or conveyancers, will draft the necessary legal documents. This may include the sale contract, lease agreement, and any other relevant documentation. These documents will outline the terms and conditions of the transaction.

Negotiating Terms
•Legal professionals on both sides will negotiate the legal terms of the transaction. This process involves ensuring that the legal documents accurately reflect the agreed-upon terms and that both parties are satisfied with the contractual arrangements.

Exchange of Contracts:
•Once all legal requirements are met, the parties will exchange contracts. This is a significant step in the sale or lease process, and it legally binds both parties to the agreed terms. The buyer may also pay a deposit at this stage.

The completion date is the day when the property officially changes hands, and ownership is transferred. On this day, the remaining balance is paid, and the keys or access to the property are handed over to the buyer or tenant.

Post-Completion Activities:

•After completion, the estate agent may assist with any post-completion activities, such as updating records, facilitating the transfer of utilities, and closing the transaction file.
Throughout this process, communication between you, the estate agent, legal professionals, and other relevant parties is crucial. Regular updates on the progress of the sale or lease, as well as addressing any concerns or issues that arise, contribute to a smooth and successful transaction. Keep in close contact with your estate agent and legal representatives to ensure that the process progresses efficiently.