Money Laundering.. Solicitor wants bank statements

Harpera

Hi All.

I'm hoping someone can help. I'm buying a flat and the solicitor is asking for bank statements.

For money laundering regulations, do solicitors require 3 months, or 6 months bank statements.

This will make a big difference for me as my Father in law gifted us the deposit 5 months ago, from China, which will throw up all sorts of issues.

Thanks for any help.

Ashley

csgohan4

they will want to know where your deposit comes from and you may need to get the person who gifted it, to sign a declaration they have no interest in the property.


They may be asked evidence to where they got their money from


But best way is to ask your solicitor on what they require

marksoton

Harpera wrote: »

Hi All.

I'm hoping someone can help. I'm buying a flat and the solicitor is asking for bank statements.

For money laundering regulations, do solicitors require 3 months, or 6 months bank statements.

This will make a big difference for me as my Father in law gifted us the deposit 5 months ago, from China, which will throw up all sorts of issues.

Thanks for any help.

Ashley

Well yes, and that's why the regulations are in place.

Besides which the source of deposit would need to be verified regardless.

Harpera

Thanks.

The solicitor has said 6 months. But if the regs require 3 months, it will negate the need for a declaration which my father in law refuses to do.

So I'm trying to find the actual ruling on how many months statements are required

Harpera

Thanks Mark.
Not if the deposit was gifted 7 months ago..

ManuelG

Harpera wrote: »

it will negate the need for a declaration which my father in law refuses to do.

Why?








........

marksoton

Harpera wrote: »

Thanks Mark.
Not if the deposit was gifted 7 months ago..

As far as i'm aware there is actually no timeframe placed on it.

Why is your father in law not prepared to sign a declaration? Most lenders would require this simply to qualify that it is indeed a gift and not a loan...

csgohan4

Harpera wrote: »

Thanks.

The solicitor has said 6 months. But if the regs require 3 months, it will negate the need for a declaration which my father in law refuses to do.

NO declaration means you may not be able to use the deposit for mortgage purposes.

agrinnall

I wouldn't be surprised if your solicitor refuses to act for you if you are unable to get the declaration made, it says to me that the money has come from a dubious source.

Pincher

It's bloody difficult to get money out of China officially.


There was a thriving traffic in Bitcoins two years ago to get money out, which is now banned. A syphoning mechanism through jewellery shops in Macau using UnionPay Debit cards was rife last year.


A student can apply for converting RMB into sterling for the official reason of school fees and cost of living. So you go through a student for a fee.


Try explaining that to the lender and solicitor.

alchemist.1

There is no set period. They could ask for 12 months and it is down to their own discretion.
Money coming in from places like China, Dubai etc always is flagged up