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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..
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.
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.
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.
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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.
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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.
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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.
It's all about the solicitor being covinced that the money hasn't come from ill gotten gains…
It’s more about solicitors covering their backsides. Common sense is needed to do a job like that and some of them simply don’t have it. They will mess you about right, left and centre trying to make every little thing watertight.
There’s a limit to how much this stupidity can go on before something falls apart. I’d make it clear to the solicitor that there’s nothing untoward, and you won’t tolerate him/her jeopardising the transaction.
Lots of people fund a big purchase from multiple accounts.
A solicitor I dealt with a while ago wanted a photocopy of my passport and driver’s licence ‘to cover money laundering regulations’. Quite what that proves I don’t know.
A solicitor I dealt with a while ago wanted a photocopy of my passport and driver’s licence ‘to cover money laundering regulations’. Quite what that proves I don’t know.
The world and his wife seem to want that now. EA, solicitors, lenders, uncle Tom Cobbly etc etc blah, blah.
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps. Take care over copyright. Use excerpts and links rather than copying long text. This site asserts copyright on all comments posted on the board.
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps.
Anti Money Laundering?
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