Anti money laundering evidence for gift

davidmcn

princeofpounds wrote: »

She can get a statement for the day or week in question, minimising exposure of information.

She's likely to need evidence that she has held the funds for a reasonable length of time, and that they haven't merely been passing through her account.

TrixA

Does your mum understand that the statement's not going to be seen by 'anyone', it's going to be kept on file by a solicitor who is bound by strict client confidentiality rules. It would only be disclosed to third parties in the event of a police money laundering investigation, which is extremely unlikely.

If it's certain transactions that she doesn't want people to see, how about blacking out the bits on the statement that are not relevant?

nobodysdriving

I received £11000 from my father, all I had to provide my solicitor with was MY bank statement (which shows my father's payment into my account) and a letter from him that he has gifted the money.

we were NEVER asked to show a copy of my father's bank statement.

dancingfairy

will the solicitors accept a redacted copy (ie you just obscure with black ink the bits you want to hide)? Although to be honest this is likely to draw more attention to things and make it look like there is something to hide (even when there isn't).
Is it you she doesn't want seeing things? or your solicitor? Would she be able to get her own solicitor or is just anyone else she doesn't want seeing this information?
df

DevCoder

davidmcn wrote: »

She's likely to need evidence that she has held the funds for a reasonable length of time, and that they haven't merely been passing through her account.

Correct, new accounts opened with single amounts being deposited would create alerts of "layering" with both the bank and the solicitors. Doing this would create more problems imo.

snowscreamer

We got our mortgage with Barclays/Woolwich in February, we had to provide a letter from my boyfriend's dad for the £100k he gave us but no bank statements required. And our solicitor never mentioned that side of things, the gifted deposit, but she did want to see my bank statements to confirm the proceeds of the sale of my flat (sold flat earlier to break the chain).

plumfin

My Dad gave us £12K and we had to provide his driving licence, passport, bank statement and letter. I think it must depend on the lender/Solicitor. My Dad was also extremely unhappy with someone not connected to the family seeing his money, but he eventually accepted that we could not continue without his help. Would your Solicitor be able to ring your Mum to reassure her?

The one thing that did help with my Dad was that he has a savings account, that held the money, so the lender was happy to see that rather than full on bank statements.

Hope you get this sorted, I do feel for you as it is so uncomfortable and invasive asking other people, who are helping you out, to divulge their own personal info. Good luck

Morglin

I gifted my two children money to buy a house each, from an inheritance, (one of whom us in America) and we needed a solicitors letters, proof of settlement from the final executor accounts, confirmation of taxes paid by me, plus ID from us all - my son faxed his from the USA, verified by his bank out there - but that was all they needed.

To be honest, the solicitor did most of it for me.

However, my bank were already aware of our cash situation, as we hold accounts etc., with them, and my daughter banks with the same bank.

Does this checking depend on amounts?

I only ask because I also gifted my step children £10k each, but just transferred the money to their accounts online - no one queried this, and as it's been 3 years, I assume that was ok. :think:

Lin

PurityExiled

Mum and I went to the solicitors today. Solicitor reassured Mum about the reasons for needing to collect the evidence, and assured her that all information would be kept confidential.

So, that's one hurdle over. Now apparently we need to find building regs cert for kitchen that was installled two owners ago. Sigh!

SCOYA

Good to hear you got this solved. I on the other hand have had to jump through hoops for our solicitors proving how we have saved money over the years, even down to dividend documents showing monies received from shares.............. Our solicitors at one point said "our company are quite strict on evidence proving where monies have come from that will be deposited into our account, other solicitors don't make such an effort...."