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To comply with Gibraltar’s regulatory requirements, all estate agents are obligated to complete Know Your Customer (KYC) and Anti-Money Laundering (AML) checks before proceeding with any property transaction.
At NP Estates, we are regulated under Gibraltar law and cannot accept deposits or progress with a sale until these checks are complete.
Under Gibraltar law and the guidance issued by the Office of Fair Trading (https://oft.gov.gi/aml-cft), estate agents must conduct thorough due diligence to help prevent financial crime.
This process protects both buyers and sellers and ensures that all funds used in a transaction are legitimate and verified.
KYC and AML checks must be completed before a holding deposit can be accepted. This includes verifying your identity and financial background.
We require all clients to submit KYC and the following documentation:
Source of Funds (SOF) refers to the origin of the specific money used for this property transaction. This might include bank statements, payslips, or sale agreements.
Source of Wealth (SOW) describes how your overall wealth was accumulated—such as employment income, business profits, inheritance, or investments.
These must be documented clearly, and additional proof may be requested depending on the risk level of the transaction.
These are only suggestions and not limited to the above, other documentation may be required.
We will guide you on what applies to your specific case and ensure the process is smooth and fully compliant.
1. Why do I need to complete KYC checks to buy or sell a property in Gibraltar?
Gibraltar law requires all estate agents and legal professionals to conduct KYC and AML checks to prevent money laundering, terrorist financing and proliferation financing. No transaction can legally proceed without these verifications.
2. Can NP Estates accept a deposit before KYC is complete?
No. We are legally unable to accept a holding deposit until all required KYC documents have been received and verified. This ensures the transaction is compliant and protects both buyer and seller.
3. What if my funds are coming from more than one source?
That is completely acceptable. You will just need to provide supporting evidence for each source. For example, if part of your funds are from a property sale and part from savings, documentation for both is required.
4. Wha is the difference between Source of Funds and Source of Wealth?
Source of Funds refers to the exact money used in this transaction. Source of Wealth refers to how you accumulated your overall financial position over time. Both must be documented.
5. How long does the KYC process take?
Once you provide all necessary documentation, we aim to complete verification within 1–2 working days. Delays typically occur when documents are missing or unclear.
6. What happens if I do not provide the required documents?
Unfortunately, we cannot proceed with the transaction until the KYC process is complete.
7. Who sees my information?
Your documentation is handled securely and only shared with legal professionals involved in the transaction. We are fully compliant with data protection regulations.