We are members of CMP Client Money Protect, (Membership Number CMP005196) which is a Government-authorised membership scheme for lettings and property agents in the UK to protect the client money, such as rents and deposits received by our members. If your agent has CMP membership then you can rest assured that your money is protected and the agent is compliant with the current legislation.
It is a legal requirement for letting agents to join a client money protection scheme for the benefit of their clients, typically landlords and tenants, to safeguard money they hold on their clients’ behalf. In the event that the owners of the business misappropriate any of this money, landlords and tenants can contact us and make a compensation claim against the agent. If a genuine claim is accepted, then we will recompense the landlord and/or tenant and seek recovery from the letting agent or its owners.
More information can be found here: https://www.clientmoneyprotect.co.uk/Consumer/what-is-cmp
Holding & Registering Deposit With ‘My Deposits’
SW Residential are registered with full access to the government accredited ‘My Deposits’ scheme. For further information, read up on the scheme, which can be found on ‘www.mydeposits.com’.
Money Laundering Regulations 2017
SW Residential, as with all Estate Agents, is subject to the Money Laundering Regulations 2017 Act. We have a legal obligation to obtain and hold identification and proof of address for all clients, landlords and tenants whether the customer is an individual, corporate entity or trust. We are also required to establish whether there are any beneficial owners on whose behalf the transaction or activity is taking place. Where appropriate, the source or destination of funds and/or wealth may also be requested. Without this information we will be unable to proceed with any work on your behalf.
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