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Money Laundering.. Solicitor wants bank statements

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  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    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.

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

    The solicitor will wish to see the source of the deposit. Not just that there's money sitting in the account. Possible that the lender will not accept the money coming from overseas.
  • Marvel1
    Marvel1 Posts: 7,432 Forumite
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    Harpera wrote: »
    Thanks.

    The solicitor has said 6 months.

    You answered your question?
  • Moneybagsss
    Moneybagsss Posts: 77 Forumite
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    Harpera wrote: »
    my Father in law gifted us the deposit 5 months ago
    Harpera wrote: »
    Not if the deposit was gifted 7 months ago..

    So which is it, 5 or 7 ?
    Give a man a fish, and you'll feed him for a day.
    But give a man a fishing rod, and he'll sell it and buy alcohol.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Thrugelmir wrote: »
    The solicitor will wish to see the source of the deposit. Not just that there's money sitting in the account.

    There's going to be a cut-off point beyond which it's safe to assume that it's the borrower's money, hence the 3 or 6 months request.
    Possible that the lender will not accept the money coming from overseas
    I haven't encountered any lenders who are interested in which country the funds came from. Though certain countries may raise more concerns with the solicitor for the purpose of money-laundering clearance.
  • Cheeky_Monkey
    Cheeky_Monkey Posts: 2,072 Forumite
    What other reason can there be for your FiL refusing to sign a Declaration other than the money has indeed come from a dubious/suspicious source?

    You/he either comply with the requirements of the solicitor/lender or you don't buy - your choice
  • kingstreet
    kingstreet Posts: 39,249 Forumite
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    Harpera wrote: »
    For money laundering regulations, do solicitors require 3 months, or 6 months bank statements
    Their choice.

    They interpret the money laundering requirements, set a policy to meet their obligations, then stick to it.

    No-one tells them what that they can and can't do.

    Last similar case we had, we ended up changing solicitors as the original firm was unable to proceed as its requirements painted it into a corner. We used a firm with a partner experienced in Chinese transfers and who spoke the language.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Mrs_pbradley936
    Mrs_pbradley936 Posts: 14,571 Forumite
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    When I had occasion to use a new solicitor all I had to do was go to the Post Office and complete an identity check. I had to take my Passport, bank statements and a couple of utility bills. Details here:
    http://www.postoffice.co.uk/document-certification-service

    The reasons for it are here:
    https://www.gov.uk/guidance/money-laundering-regulations-introduction
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    Mrs_pbradley936 wrote: »
    When I had occasion to use a new solicitor all I had to do was go to the Post Office and complete an identity check. I had to take my Passport, bank statements and a couple of utility bills. Details here:
    http://www.postoffice.co.uk/document-certification-service

    Not relevant to the issue in this thread though, is it?
  • Mrs_pbradley936
    Mrs_pbradley936 Posts: 14,571 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    agrinnall wrote: »
    Not relevant to the issue in this thread though, is it?

    My personal experience or the link to the regs?
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