Money laundering means exchanging money or assets that were obtained criminally for money or other assets that are 'clean'. The clean money or assets don’t have an obvious link with any criminal activity. Property Auctions require all buyers to comply with the ID verification process to comply with the regulations.
This 'Glossary of Terms' – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.
If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.
For more information on buying or selling at a property auction, have a read of our guide to buying at auction.