Source of funds enquiry on buying UK property

cheekykid

I used bitcoin to buy the gold as many gold bullion companies are happy with it. I have no bitcoin left nor bitcoin issues "statements".

I am no longer into bitcoin as I cashed out during the rally in early 2018 and then started buying gold. The original Bitcoin was obtained 7 years ago for which my bank doesn't have any record as they keep only up to 6 years of history. Even if they did I didn't use my bank. Back then we were playing backgammon online with a 1 bitcoin stake at a time. It was worthless/unknown back then and only by luck I kept a few bitcoins.

I cannot prove "how" I got the bitcoin so forever i'll be damned and be thought of as a potential criminal by the banks who tries to launder money?

THIS is what makes you wanna go down a dodgy route - the unfair treatment on the basis of speculation. It's not as if am trying to rinse millions. I am an investor who got lucky not a money launderer.

wesleyad

cheekykid wrote: »

I cannot prove "how" I got the bitcoin so forever i'll be damned and be thought of as a potential criminal by the banks who tries to launder money?

Would they not accept the capital gains statement? Not many criminal laundering money would be paying tax on it.

letitbe90

00ec25 wrote: »

this is a perfect example of why the money laundering regs were brought out.
bitcoin converted to bullion converted to the one thing which upon sale will not be questioned as to whether it is "clean" money - a property.

are you really surprised they are going "back" further than normal?

Yep, if it was merely a case of 6 year rule - money launderers would be loving it as it would be made so easy to launder money.

You may not be a money launderer, but can you see how a real money launderer can use the same situation as yours to launder a lot of money very easily?

seashore22

My daughter has just obtained bank statements going back to 2009 for a closed account. She could probably have gone back further if necessary. It wasn't a difficult process either. I would be suspicious of someone claiming that it wasn't possible to prove bank transactions from a mere 6 years ago.

AdrianC

seashore22 wrote: »

My daughter has just obtained bank statements going back to 2009 for a closed account. She could probably have gone back further if necessary. It wasn't a difficult process either. I would be suspicious of someone claiming that it wasn't possible to prove bank transactions from a mere 6 years ago.

By contrast, Nat West have just been unable to provide me with statements before 2012 for my late father's account - DWP wanted to go back to 2010.

seashore22

Maybe it's because my daughter wanted HER accounts and it's different if you want the accounts of someone other than yourself.

The op wants his accounts and the whole story does sound dodgy.

davidmcn

seashore22 wrote: »

Maybe it's because my daughter wanted HER accounts and it's different if you want the accounts of someone other than yourself.

It shouldn't be any different if (I assume) AdrianC was acting as executor of the accountholder.

AdrianC

Correct, David.

If the issue was authorisation, they wouldn't have provided me with 7yrs worth, would they?

FWIW, as well as running his estate (the bank were quite happy for me to close the account and transferred the contents to me) I had power of attorney before his death, which the bank were quite happy to work with. They simply swore blind they only had 7yrs worth of statements they could provide. After all, they legally only need to be able to provide 6...

muhandis

The same. When applying for citizenship a few years ago I was faced by HMG's ever increasing demands for documents which only a meticulous hoarder could be expected to realistically retain.

HSBC refused (even after a formal complaint) to provide bank statements from an account I had with them 6-7 years prior. I don't recall the exact reasons they cited but they did reference some data protection laws, etc.

Thankfully they were kind enough to make all that clear in a letter which I then used to show HMG that there was no reasonable way to meet their requirements.

AdrianC wrote: »

By contrast, Nat West have just been unable to provide me with statements before 2012 for my late father's account - DWP wanted to go back to 2010.

seashore22

AdrianC wrote: »

Correct, David.

If the issue was authorisation, they wouldn't have provided me with 7yrs worth, would they?

FWIW, as well as running his estate (the bank were quite happy for me to close the account and transferred the contents to me) I had power of attorney before his death, which the bank were quite happy to work with. They simply swore blind they only had 7yrs worth of statements they could provide. After all, they legally only need to be able to provide 6...

That's interesting. Thank goodness she banked with Lloyds because she really needed those statements.