Frequently Asked Questions
What does KYC stand for?
KYC stands for "Know Your Customer" and is a process where businesses, particularly in the financial sector, verify the identity of their customers to prevent fraud and illegal activities like money laundering.
What is a KYC check?
A KYC check is an assessment to confirm your identity and to make sure that you’re not purchasing on behalf of someone else. We may also need you to provide evidence that you have sufficient funds and provide documentation that shows where the money is coming from, such as the sale of your last home. There is no need to worry if we request these documents. It’s good practice to make sure that you have them readily available and please don’t hesitate to ask your Sales Adviser if you have any queries.
Why are these checks required?
As one of the country’s leading homebuilders we take our legal duty to help prevent financial crime very seriously. Given the large sums of money involved in buying a home, we must verify the identity of each customer, even if your solicitor or licensed conveyancer has previously carried out checks.
When is the KYC check undertaken?
The KYC check must be completed before you can complete the full reservation and pay your reservation fee.
How does the KYC process work?
The KYC check is completed electronically using software called SmartSearch. The process is clear and easy to follow and can be done on either a smartphone or a computer. Your Sales Adviser will send a link to either your mobile phone or email address - whichever you prefer. You will be able to click on the link supplied and fill in the required information yourself.
You will be asked:
- To answer a short questionnaire about your purchase.
- To take a photograph of your ID e.g. your passport, driving licence or National Identity card.
- To take a photograph of yourself.
Will the check affect my credit rating?
SmartSearch will perform the check using data from credit reference agencies. This check will not have negative impact on your credit rating as it only leaves a ‘soft footprint’. If you would like more detailed information on this, you can find it in our Privacy Statement. Sometimes we may have to ask you to provide additional information in order to complete this check, but your Sales Adviser will be on hand to help should it be required.
Do I need a smartphone or computer to complete the check
The KYC check is completed online so ideally you will have your own smartphone or computer with a camera in order to complete it, however if you don’t have one of these available your Sales Adviser will be able assist you in the Sales Centre.
What if I'm buying jointly with another person?
All customers purchasing the home will need their own KYC check completing, including anyone who may be gifting funds towards the purchase of the home.
What if I'm buying on behalf of a company?
If you are buying on behalf of a company or assigning a contract to another entity, extra checks will be required. We will explain the process at the time so please discuss this with your Sales Adviser.