Endowments and money laundering

AGMwall

I have endowment that has ended and because of money laundering regulations the money now gets sent to my wife and I to send to our mortgage provider instead of being sent to our mortgage provider directly. My concern is that she will keep the money instead of sending it on. Is there anyway around this?

silvercar

It is because endowments are no longer assigned to the lenders, rather than money laundering regulations.

Easiest option is to speak to your wife! Another option would be to open a joint account and get the money paid into that and pay the lender from there. I don't know how much ID you would need to provide if it was a new account with an bank that you both already have dealings with; it may even be possible to open online.

TrickyDicky101

Are you estranged from your wife e.g. separated or living in different properties? Otherwise it seems a somewhat strange question. There is no obligation on her to pay any money flowing from the endowment towards the mortgage debt (other than in the normal way as the debt is a joint and several liability between you with a term date by when it needs to be fully repaid).

AnotherJoe

Well there is a serious potential issue here caused by this change, since both parties are equally liable for the mortgage then one could spend all the money, but both are still liable. It could be done for a variety of reasons including thinking that there are better ways to use the money through to vindictiveness.
If I was the OP and thought this would happen about all you could do is very quickly move it to a bank account of his and then pay the mortgage off before she realised what was happening.
But even that may be difficult.