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  6. What customer due diligence measures do I have to undertake on executors?

What customer due diligence measures do I have to undertake on executors?

I act for executors under a will in the sale of estate property. What customer due diligence measures do I have to undertake on the executors?

An executor of an estate is the beneficial owner for the purposes of the Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (Regulation 6(6)).

When acting for an estate, you should establish the identity of the executors using the procedures for natural persons as set out in chapter 4 of the Draft anti-money laundering guidance for the legal sector.

If the executors are professionals, you may check their identity by reference to a professional directory.

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Disclaimer: While every effort has been made to ensure the accuracy of the information in this article, it does not constitute legal advice and cannot be relied upon as such. The Law Society does not accept any responsibility for liabilities arising as a result of reliance upon the information given.

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