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    • UKTelecom
    • By UKTelecom 14th Sep 17, 7:54 PM
    • 38Posts
    • 14Thanks
    UKTelecom
    Source of deposit is savings: Money Laundering checks
    • #1
    • 14th Sep 17, 7:54 PM
    Source of deposit is savings: Money Laundering checks 14th Sep 17 at 7:54 PM
    Just a quick one: I expected having to provide my solicitor with a full on explanation / trail of where my deposit has came from re their (understandable) anti money laundering checks. Mine has derived entirely from savings - no gifts (sadly!).

    I broached the subject with them the other day - aware that we are approaching exchange - and my solicitor's assistant said if the deposit amount has been in the account for at least 3 months (mine has been for over a year) then that is all they need to see.

    Is this normal? Again I really did expect to have to dig out sales receipts, withdrawal receipts etc etc. I am fine to do this but it would be preferable (from a time saved POV) to not have to do this.

    I am guessing this process differs from one solicitor / firm to the next?
Page 1
    • davidmcn
    • By davidmcn 14th Sep 17, 7:58 PM
    • 6,124 Posts
    • 5,873 Thanks
    davidmcn
    • #2
    • 14th Sep 17, 7:58 PM
    • #2
    • 14th Sep 17, 7:58 PM
    my solicitor's assistant said if the deposit amount has been in the account for at least 3 months (mine has been for over a year) then that is all they need to see.

    Is this normal?
    Originally posted by UKTelecom
    Yes (though other firms will have differing policies).

    You have to draw the line somewhere, and being realistic, any money-laundering scheme would probably want a fast turnaround. So if the money has been in your account for 3 months then it's probably yours rather than someone else's.
    • UKTelecom
    • By UKTelecom 14th Sep 17, 8:09 PM
    • 38 Posts
    • 14 Thanks
    UKTelecom
    • #3
    • 14th Sep 17, 8:09 PM
    • #3
    • 14th Sep 17, 8:09 PM
    Yes (though other firms will have differing policies).

    You have to draw the line somewhere, and being realistic, any money-laundering scheme would probably want a fast turnaround. So if the money has been in your account for 3 months then it's probably yours rather than someone else's.
    Originally posted by davidmcn
    I agree, fair enough they see a £50k deposit in your account from a random person the month before exchange but yes if it is money thats been there a while, hopefully common sense prevails and they do not want to get the magnifying glass out (again nothing to hide!, just would rather not go through the process if I do not have to).

    From the chat I had it sounds like my firm is the type that just want the 3 month evidence its been the account that long, which is good.

    I just read some horror stories on here before about firms wanting to see where every penny has come from - my own fault really for using the search bar!
    • Guest101
    • By Guest101 15th Sep 17, 10:05 AM
    • 15,118 Posts
    • 14,764 Thanks
    Guest101
    • #4
    • 15th Sep 17, 10:05 AM
    • #4
    • 15th Sep 17, 10:05 AM
    The law, though complex, requires the conveyancer to have a money laundering policy, so each firm is different.


    I wouldn't worry at this stage.
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