1. What is Money Laundering

Money laundering is the process of concealing the origins of criminal property or funds so that they appear to come from a legitimate source. It also includes the use of funds that may be linked to terrorist financing.

2. Our Commitment

24 British Builders Group is fully committed to preventing our services being used for money laundering or terrorist financing. We comply with all relevant UK legislation, including:
• The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended).
• The Proceeds of Crime Act 2002.
• The Terrorism Act 2000.

3. Our Controls and Procedures

To meet our legal and regulatory obligations:
• We carry out appropriate client identification and verification checks before establishing a business relationship.
• Where relevant, we may request information about the source of funds and source of wealth used in a transaction.
• We maintain internal policies, controls, and training to ensure staff understand and can recognise money laundering risks.
• Any suspicions of money laundering or terrorist financing are promptly reported to the appropriate authorities in line with our legal duties.
• We keep records of customer due diligence and transactions in line with regulatory requirements.

4. What This Means for Customers

You may be asked to provide proof of identity, proof of address, or supporting financial information before we can proceed with certain instructions. These checks are a legal requirement and help protect all parties from the risk of financial crime.

5. Our Approach

We apply a risk-based approach, focusing our checks where there is a higher risk of money laundering or terrorist financing, while keeping the process as straightforward as possible for genuine customers.