What are...

Anti-Money Laundering Checks

Anti-Money Laundering Checks are required by law for all banks before they are allowed to handle money from you. The checks are made to validate your identity and to ensure that the money has not been acquired illegally, or that the bank itself is not being used as part of criminal activity, most known as ‘misuse of facility’.

How can I see my Anti-Money Laundering Checks?

Anti-Money Laundering Checks are typically soft searches of your Credit Report, which means they will be recorded as an enquiry or audit searches.

To see if you have any of these checks carried out on you – and by which companies – you can try checkmyfile free for 30 days, then for just £14.99 per month, which you can cancel online at any time.

Your Multi Agency Credit Report is the most detailed in the UK, collating your complete information from Equifax, Experian, TransUnion, and Crediva, so you can see everything the CRAs are holding for you.

Who performs these checks?

In addition to banks, anyone who regularly deals in transactions involving large amounts of money will carry out these checks including jewellers, car dealerships, casinos, accountants and estate agents.

By carrying out these checks they are ensuring they are not left out of pocket if a potential customer attempts to use their business to exchange illegally obtained money for something more difficult to trace.

While these checks can in theory be carried out at any time, they are usually only performed when dealing with transfers for a large amount, such as paying a deposit for a house or buying a car. They may also be carried out when you open an account.

Money laundering checks may require you to produce your passport, driving licence and recent bank statements along with any enquiries made of the Credit Reference Agencies.

These checks are undertaken on absolutely everyone. A money laundering check does not mean you are suspected of anything illegal, and if you've got nothing to hide, there's nothing to worry about. The checks made at Credit Reference Agencies leave an ‘enquiry footprint’ – an indelible record so that you can see who has checked you out. The enquiry footprint does not have any impact on your credit score or on your ability to get credit.

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