POLICY STATEMENT
Robert Cooney is committed to ensuring that it has adequate controls to counter money laundering activities and terrorist financing activities, in accordance with the Money Laundering, Terrorist Financing & Transfer of Funds (Information on the Payer) Regulations 2017 and any subsequent amendments. Robert Cooney is registered and supervised by HM Revenue & Customs for compliance. The firm maintains procedures to screen all relevant parties against applicable financial sanctions lists. Robert Cooney Estate Agents relies on the UK Sanctions List as the United Kingdom Government’s sole authoritative source for sanctions designations and ensures its systems and providers are aligned with current sanctions legislation.
HOW WE MANAGE RISK
Risk Assessment
The Money Laundering Regulations require us to risk assess our business relationships in order to understand our customers and identify behaviour and circumstances that may indicate a higher risk of money laundering and terrorist financing activities. Robert Cooney has undertaken and documented a thorough risk assessment and we have subsequently implemented the appropriate policies and procedures required to minimise this risk. As part of its risk assessment framework, the firm evaluates sanctions exposure risk and maintains procedures to ensure screening systems use current and authoritative sanctions data sources. This includes periodic verification of third-party screening providers and monitoring of regulatory updates affecting sanctions compliance.
Training
Robert Cooney is committed to staff training in anti-money laundering legislation to ensure they are aware of the risks of money laundering and terrorist financing, the relevant legislation and their responsibilities under that legislation and that they are fully trained in the firm’s procedures and in how to identify and deal with potential money laundering or terrorist financing activities. This training is delivered to new employees as part of the on-boarding process and via ongoing group training sessions and communications thereafter. Training includes instruction on sanctions compliance obligations, identification of sanctioned persons or entities, escalation procedures, and the requirement to use only approved screening systems and official government data sources.
Auditing
Documented compliance audits are carried out at regular intervals and all customer due diligence carried out at branch level is approved by a centralised administration department on a daily basis, before the business relationship with the client or counterparty to the transaction commences. Any remedial action and/or further training required is identified and implemented in a timely fashion. Compliance audits include periodic testing of sanctions screening procedures, verification of system data sources, and confirmation that staff are following approved screening protocols.
Sanctions ScreeningPrior to establishing a business relationship or carrying out a transaction, all relevant parties must be screened against the UK Sanctions List. Screening is conducted using approved electronic verification systems or official government sources. Screening must be carried out:
- Before onboarding
- When beneficial ownership changes
- When risk level changes where enhanced due diligence applies
- Where new sanctions updates are issued.
Where a potential match is identified, the matter must be immediately escalated to the MLRO or Deputy MLRO and no business may proceed until clearance has been provided.
The IndividualAdherence to the approved “Due Diligence” identification procedures on every occasion will mitigate the risks of our business being used to launder money or fund terrorism.For this purpose, we use a third-party electronic verification solution which uses next-generation technology to verify the identity of an individual and the authenticity of the identity document provided. Proof of Ownership (where relevant) is also carried out electronically, as part of our standard CDD process. Where the electronic verification process is unsuccessful or inconclusive, we will collect documents, as stipulated within the current regulatory guidance. The firm’s electronic verification provider is required to maintain up-to-date sanctions data aligned with current UK legislation. The firm obtains written assurance from providers regarding their data sources and update procedures.
A Company or other legal structure
For customers who are not private individuals, such as corporate customers and private companies, we will take all reasonable steps to identify the Ultimate Owner and all Beneficial Owner/s and carry out CDD on those individuals identified, as described above. We will also obtain and hold on file official/company documents, as detailed below.
A Company (including a UK LLP) which is not listed on a regulated market such as the London Stock Exchange:
- Copy of the Certificate of Incorporation
- Copy of the most recent filed Audited Accounts
- Details of the current company officers (Directors, Company Secretary and Shareholders)
A Company (including a UK LLP) which is listed on a regulated market such as the London Stock Exchange:
- A copy of a dated page from the website of the relevant stock exchange or
- A photocopy of the listing in a reputable daily newspaper
A Trust:
- Trust deed
- List of trustees
- List of beneficiaries
CDD will be carried out on all individuals with a vested interest in 25% or more of the capital and/or those who exercise control over the trust, as described above.
Probate
- Grant of Probate (where a will was left)
- Letter of Administration (where no will has been left)
CDD will be carried out on the executor or administrator, as described above.
SUSPICIOUS ACTIVITY REPORTING
The staff member dealing with the individual/transaction will notify the Money Laundering Reporting Officer (MLRO) or Deputy MLRO if they have reason to suspect that a person may be engaged in money laundering and/or terrorist financing. The MLRO and/or Deputy MLRO will review the information to hand and make a final judgement as to whether or not to submit a Suspicious Activity Report (SAR) to the National Crime Agency. Any decision made to submit a SAR will be confidential and not shared with the subject or any member of staff. Contact details for the appointed MLRO and Deputy MLRO are provided below.
Where a sanctions match or suspected match is identified, this must be treated as a high-risk matter and escalated immediately to the MLRO. Staff must not disclose the existence of a sanctions match to any client or third party.
RECORD KEEPING
In accordance with current legislation records of all Customer Due Diligence will be retained for at least five years from the end of the business relationship or five years from the date the transaction was completed.The purpose of keeping these records is to demonstrate the business’s compliance with the regulations and to aid any resulting investigations.The personal data we are obliged to collect under these regulations is necessary in order to exercise a public function that is in the public interest and we cannot lawfully delete it, even if requested under GDPR legislation until this period had lapsed.In consideration of our carbon footprint, copies of all personal data and any documents procured for the purposes of identity verification will be stored electronically via a secure, cloud-based, CRM System and will not be used for any other purpose. Records evidencing sanctions screening checks, provider confirmations, and compliance reviews will be retained alongside customer due diligence records for the statutory retention period.
Money Laundering Reporting Officer:
Robert Cooney
Robert Cooney Estate Agents
Corporation Street, Taunton
TA1 4AW
Tel: 01823 230230
Email:
robert@robertcooney.co.uk
Deputy Money Laundering Reporting Officer:
Kate Trewhella
Robert Cooney Estate Agents
Corporation Street, Taunton
TA1 4AW
Tel: 01823 230230
Email:
kate@robertcooney.co.ukThis policy was revised in February 2026 to reflect current UK sanctions screening requirements and supersedes any earlier version.
The firm maintains an active regulatory monitoring process to identify legislative or regulatory changes affecting anti-money laundering obligations. Where changes occur, policies, procedures, and systems will be reviewed and updated within a reasonable timeframe to ensure ongoing compliance.
