Request for details, unusual or what?

hamer

Hi guys, I not sure that I'm in the right place with this querie but I need some advice.

My wife and I have offered to give my daughter some cash to go towards the deposit for her and her partner to but a house. the financial adviser that she is dealing with has requested that we provide 3 consecutive months bank statements to prove that the funds are there. Also he has requested copies of our driving licences and passports.
My wife and I are understandably unhappy about providing all this identity theft fodder and when questioned the adviser has stated that it is info for a solicitors audit trail to show that there is no money laundering taking place and that it is historic savings where the funds are coming from.
Is this a common occurrence and/or is there any other way to prove the funds are there without providing all this info.

Thanks,
Hamer.

mrginge

hamer wrote: »

My wife and I are understandably unhappy about providing all this identity theft fodder and when questioned the adviser has stated that it is info for a solicitors audit trail to show that there is no money laundering taking place and that it is historic savings where the funds are coming from.
Is this a common occurrence and/or is there any other way to prove the funds are there without providing all this info.

Thanks,
Hamer.

Not really sure why you're so unhappy about this.
Some people seem to be irrationally paranoid about handing over any form of identification. Probably because its blown totally out of proportion by the odd one or two cases that get publicised.
I hope you're not one of those kind of people.

Pretty standard request for checking money laundering btw.

Rollinghills

Yes, it's normal. Having to present the proof of deposit is standard practice. Three months worth of statements is also standard, this is the anti-money laundering requirement. Ask the solicitor if they would accept something else but I doubt it.

The other way would be for you to transfer the funds now and for your daughter to reapply at least three months later, that way your involvement will no longer be visible unless the bank requests more than 3 months of statements from your daughter which they have the right to do if they want. Then you'll be in the same situation.