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AML check cost
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BikingBud said:Anthear said:Voyager2002 said:Anthear said:Agree 100% it is greedy - although they make a point of saying that other agents charge more - so they are more greedy ;-)
What to do though??
Explain to them that your solicitor is obliged to carry out AML checks and so can spare them the trouble.
See this thread which stalled and no further discussion was provided. It might indicate it was a reasonable position, perhaps you might press to test with the EA and report back:Without reading the whole 197 page document it would appear that they are not obliged to complete AML checks but to carry out risk assessments, including determining which clients might be lower risk, due diligence only and higher risk, merit closer scrutiny.
Hence, using the information provided by the solicitor is perfectly acceptable, reduces duplication, reduces cost and also reduces risk of differing assessment leading to stalled progress.
Ask to see their AML policy.
I'll drop my solicitor a line and see what she says.1 -
Mention to them how powerful social media is .... And send them a bill for the same amount .
Ask where this fee is mentioned in their website/documentation.
If still unsuccessful due them small claims... It'll cost them more to handle that
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Anthear said:BikingBud said:Anthear said:Voyager2002 said:Anthear said:Agree 100% it is greedy - although they make a point of saying that other agents charge more - so they are more greedy ;-)
What to do though??
Explain to them that your solicitor is obliged to carry out AML checks and so can spare them the trouble.
See this thread which stalled and no further discussion was provided. It might indicate it was a reasonable position, perhaps you might press to test with the EA and report back:Without reading the whole 197 page document it would appear that they are not obliged to complete AML checks but to carry out risk assessments, including determining which clients might be lower risk, due diligence only and higher risk, merit closer scrutiny.
Hence, using the information provided by the solicitor is perfectly acceptable, reduces duplication, reduces cost and also reduces risk of differing assessment leading to stalled progress.
Ask to see their AML policy.
I'll drop my solicitor a line and see what she says.Risk based approachBy asking to see their policy they should also show you how they have determined that you present a certain risk characteristic and what that risk is.
5.1 A risk-based approach is where you assess the risks that your business could be used for money laundering, terrorist financing or proliferation financing and put in place appropriate measures to mitigate those risks. A risk-based approach should balance the costs to your business and customers with a realistic assessment of the risk that criminals may exploit the business for money laundering, terrorist financing and proliferation financing. It allows you to focus your efforts on the areas of highest risk areas and reduce unnecessary burdens.
Else they're just money grabbing.2 -
I would drop the vendor a message. They might not be impressed the agent is putting their sale at risk.1
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if you are interested in the property then i would just pay it. in the context of the cost of the purchase, it is small potato but it does seem mean.
i have heard people post this before on this board and he was charged 2 x £55 as it was a couple.1 -
Anthear said:Voyager2002 said:Anthear said:Agree 100% it is greedy - although they make a point of saying that other agents charge more - so they are more greedy ;-)
What to do though??
Explain to them that your solicitor is obliged to carry out AML checks and so can spare them the trouble.1 -
AskAsk said:Anthear said:Voyager2002 said:Anthear said:Agree 100% it is greedy - although they make a point of saying that other agents charge more - so they are more greedy ;-)
What to do though??
Explain to them that your solicitor is obliged to carry out AML checks and so can spare them the trouble.1 -
We paid it to our sellers EA. We queried it as obviously our solicitor checks our ID. Didn’t really get a clear answer and it was just not going anywhere. We want the house, so paid to get things moving along (hoping to beat the stamp duty increase). We were charged £40 total for 2 people.0
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They are not budging and the company they use to do the checks will not deal direct with me. Asking my solicitor what the score is and whether the checks they do would cover me but I suspect the Agent will dig their heels in.0
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BikingBud said:AskAsk said:Anthear said:Voyager2002 said:Anthear said:Agree 100% it is greedy - although they make a point of saying that other agents charge more - so they are more greedy ;-)
What to do though??
Explain to them that your solicitor is obliged to carry out AML checks and so can spare them the trouble.
If they charge for doing this or not is naturally a separate matter. There will be more than one aspect of the charges though... the search for a single individual is probably c£5 but they must be registered with HMRC, the people performing the check must be appropriately trained, costs of records retention etc which all have to be paid for by someone even if its not a per-transaction fee.0
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