Help needed for proof of address!

moonrakerz

The money laundering requirements become more and more bizarre by the day.

I am selling my house, I had to provide the Estate Agent with all the rubbish: bank statements, utility bills, passport etc, etc -- WHY ? Even he said it was pointless.

The EA doesn't handle any money, my solicitor will pay him for his services from the proceeds of the sale.
On this logic I will have to provide all this c**p the next time I buy a car ! or have a big spend in Tesco !

steve_cov

if_i_was_a_richman wrote: »

council tax is paid by GF Father

But you are liable for it. It ought to be in your name, irrespective of who pays it.

Just a tip.

dunstonh

I am selling my house, I had to provide the Estate Agent with all the rubbish: bank statements, utility bills, passport etc, etc -- WHY ? Even he said it was pointless.

Money laundering has moved into property

The EA doesn't handle any money, my solicitor will pay him for his services from the proceeds of the sale.

As an IFA, I dont handle the money either but I still have to make sure that the checks are done.

Buying and selling properties would work quite well in layering if you were money laundering. It's a logical decision to include properties.

moonrakerz

dunstonh wrote: »

As an IFA, I dont handle the money either but I still have to make sure that the checks are done.

Buying and selling properties would work quite well in layering if you were money laundering. It's a logical decision to include properties.

That just proves my point, if you are having to do it as well ! I don't dispute that property is a good way to possibly launder money - the bookies is an even better way - they don't have to ask for your details !

I can fully see the point of my Solicitor doing it, and a finance house that you might send a client to but to have an EA and an IFA doing is just another example of the creeping "big brother" state of this country.

Before long we will have to account for every penny we spend.

dunstonh

I can fully see the point of my Solicitor doing it, and a finance house that you might send a client to but to have an EA and an IFA doing is just another example of the creeping "big brother" state of this country.

The providers dont actually do a money laundering check. It is the responsibility of the "agent" and that is why IFAs and estate agents have to do it.

Financial advisers have had to do it for around 20 years now.

moonrakerz

dunstonh wrote: »

It is the responsibility of the "agent" and that is why.................. estate agents have to do it.

That may be so, but the question should be asked : Why ? for what purpose ?

To go back to my original point - the EA actually does nothing ! he may comply with the Law by collecting a photo copy of my passport and my gas bill, but he has no input as far as the money goes. He brings a buyer and a seller together , everything else is done by the Solictors, quite rightly they may be called on to account for the money; but not the EA.

dunstonh

That may be so, but the question should be asked : Why ? for what purpose ?

My guess, on the estate agent front, is that they are on the front line. They would be able to identify strange purchases and quick sales in that area whereas a solicitor wouldn't.

Those of us liable for money laundering ID checks do more than fill a form in to say ID is checked. The Govt has us as it's own detectives effectively and if we don't report suspicious transactions and they turn out to be money laundering then we can go to prison for up to 15 years. I guess the Govt believes that estate agents could potentially identify more suspicious transactions than a solicitor.

nilrem_2

Like I said earlier, the whole business of proving ones ID and address is getting out of hand, decent honest people are the ones who have all the hassle and inconvenience yet the criminals and con men can just forge stuff to get around it anyway!

dunstonh

nilrem wrote: »

Like I said earlier, the whole business of proving ones ID and address is getting out of hand, decent honest people are the ones who have all the hassle and inconvenience yet the criminals and con men can just forge stuff to get around it anyway!

But it isnt much of a hassle. As I said earlier, I have being doing this for 20 years now and there hasnt been one occassion where someone was not able to supply the required information. Plus nowadays we have electronic verification that works in about 80% of cases.

The hassle is not so much with the rules but the firms and individuals that have been poorly trained by their employers and dont know what is and isnt acceptable. The rules since last August have made it a little less difficult and low risk areas dont require as much checking as higher risk areas.

regularsaver1

Each bank has their own set of what they can and can't take though