What are AML checks?
When you buy property in the UK, your solicitor or estate agent is legally required to carry out Anti-Money Laundering (AML) checks before handling any large financial transaction.
This isn’t just a formality — it’s a legal duty under:
The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017
The Sanctions and Anti-Money Laundering Act 2018
The Proceeds of Crime Act 2002
These laws ensure that property transactions are free from criminal influence — protecting you and the wider financial system.
Your solicitor or agent must verify:
Who you are (identity verification)
Where your money is coming from (source of funds)
That your funds were acquired legitimately (source of wealth)
Without completing these checks, they are legally prohibited from continuing with the transaction.
Why financial information is needed
AML checks require you to show clear evidence of how you obtained the funds for your purchase.
This could include:
Salary or savings
Inheritance
Sale of another property
A financial gift
Providing this information helps your solicitor:
Confirm your funds are legitimate and traceable
Prevent your transaction from being linked to fraud or corruption
Protect your purchase from delays or cancellations
In simple terms: the more transparent your financial information, the smoother your purchase will be.
Is this common practice?
Yes — AML checks are standard practice across the UK property industry.
The UK property market is valuable but also a target for financial crime.
Regulators such as the Financial Conduct Authority (FCA) and HM Revenue & Customs (HMRC) require firms to verify the legitimacy of all funds used in transactions.
If your source of funds cannot be proven, your solicitor or agent must pause or decline the transaction until the required evidence is provided.
Why AML checks protect you
AML checks don’t just protect businesses — they protect you as the buyer.
✅ Security & Peace of Mind — Ensures your funds are legitimate and shields you from potential fraud investigations.
✅ Transparency — Keeps your transaction clear and documented.
✅ Faster Completion — Verified documents help speed up the process.
✅ Market Integrity — Prevents property prices from being distorted by criminal activity.
In short, AML checks build trust between you, your solicitor, and the wider property ecosystem.
How Checkboard makes it easier
Traditional AML checks relied on paper statements — slow, manual, and prone to delays.
Checkboard simplifies this process with Open Banking technology, authorised and regulated by the FCA.
Here’s how it benefits you:
Secure: Bank-level encryption protects your data.
Fast: Verify and share information digitally in minutes.
Flexible: Prefer not to use Open Banking? Upload PDFs or photos of your statements instead.
Transparent: You can see exactly what data is shared and why.
How AML checks fit into the bigger picture
Every time you complete an AML check, you’re contributing to a global effort against financial crime.
Money laundering fuels serious offences like cybercrime, corruption, and terrorism.
By verifying your funds, you help law enforcement identify and stop illicit financial flows.
In 2024, the UK National Crime Agency (NCA) reported that over £10 billion in property transactions were flagged as suspicious — and many were prevented by AML systems.
By completing your checks, you ensure that:
Your purchase is legitimate and compliant
You’re not inadvertently aiding criminal activity
You’re part of a secure and transparent property market
In summary
Providing your financial information isn’t just a legal requirement — it’s a way to protect yourself and your investment.
By completing your AML check:
You stay compliant with UK law
You safeguard your purchase from fraud and delays
You support the wider fight against financial crime
Checkboard makes this process simple, secure, and compliant, giving you peace of mind every step of the way.