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Anti Money Laundering?
stevec59
Posts: 339 Forumite
Hi,
I am in the process of buying a house, my solicitor has asked me to prove anti money laundering, this is because I am putting some of my savings towards the cost of the house and the purchase fee's, he has asked me to prove where the money has been for the last 3 months, this is causing a problem, let me explain, the money was with ING, due to the fact that there fixed rate ended I wanted to transfer the money to IF, but I had to transfer the money via the linked bank (Halifax), ING will only provide the current quarters statement (so Oct,Nov,Dec) a lot of the money was moved Aug \ Sept, now obviously I can prove that the money went from Halifax to IF, but I can't prove that the money had come from ING (for Aug \ Sept), is there a way around this?
I must admit I am not entirely sure what money laundering is, I hope it isn't moving money around accounts..
Thanks
Steve
I am in the process of buying a house, my solicitor has asked me to prove anti money laundering, this is because I am putting some of my savings towards the cost of the house and the purchase fee's, he has asked me to prove where the money has been for the last 3 months, this is causing a problem, let me explain, the money was with ING, due to the fact that there fixed rate ended I wanted to transfer the money to IF, but I had to transfer the money via the linked bank (Halifax), ING will only provide the current quarters statement (so Oct,Nov,Dec) a lot of the money was moved Aug \ Sept, now obviously I can prove that the money went from Halifax to IF, but I can't prove that the money had come from ING (for Aug \ Sept), is there a way around this?
I must admit I am not entirely sure what money laundering is, I hope it isn't moving money around accounts..
Thanks
Steve
0
Comments
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How did you request the money be moved?
Ring the bank up and tell them you need a statement for money laundering regs and they will provide it.0 -
Thanks for the quick reply :j
I can't remember how I transferred the money, I think I talked to them about how to do it and then did it on the web,I know it wasn't just 1 move, I had to do few transfer's possibly due to the amount of money I was moving!
When I talked to ING the other day, I talked to a supervisor who said that they can only provide this quarter, I did say that this was due to my solicitor asking for proof of any Laundering, he said that he would send though this quarter, if that wasn't enough to go back to ING, but I am not convinced that will get me very far, he said that I would get a final statement in January (not suer if that will show all the money movements?) But I can't wait until Jan, I hope to move December, so I need to get this in place soon, maybe I will see if I cam email them to see if that will get me anywhere.
Steve0 -
Halifax should be able to confirm where the money came from.
Guess this is yet another reason to use proper UK banks?"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
Halifax should be able to confirm where the money came from.
That's good to know..thanks, I did receive the statement from ING today and it looks like it will provide the information that my solicitor needs.
I am just wondering if I need to show him the 'flow' of money, in other words take a copy of the Statement from ING, write on the copy transfer to Halifax and then do the same with Halifax, transfer to IF.
Steve0 -
Sounds odd. I bought a house for cash last March and was not asked any of this. My solicitor just asked for a print out of my statement to prove which account the money had come from. It had only been in that account for a week or so too as I drew the cash from a number of accounts.0
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How strange..
Steve0 -
Money laundering is turning dirty money into clean money, hence the name. Dirty money is connected with crime.
If the answer to the question ‘have you been laundering money?’ is NO, then you have nothing to worry about. Just supply everything you can get easily to the solicitor asap.
If he/she decides to mess you about, make attempts to get what they’re asking for, but make it clear you’ll lodge a Law Society complaint asking for compensation if their needless action affects the sale going through.0 -
Thanks for letting me know what money laundering is, I don't have anything to do with that, so all should be OK.
Thanks again,
Steve0 -
It's all about the solicitor being covinced that the money hasn't come from ill gotten gains.
The three months is nothing legally binding but something put in place as amethods of proof.
I think when we bought our last house we had to sign something basically saying our deposit was laundered money, we only had the money in the account we paid it from for about 2 days.0 -
Don't you mean wasn't laundered money?
It would be a lot easier if I could just sign something, I am getting there with proof, its just that the money has come from a few accounts, so I need proof from all accounts, I will see how it goes, if it gets too complicated I will talk to him.
Thanks again,
Steve0
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