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Question on solicitor anti money laundering checks
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[Deleted User]
Posts: 0 Newbie
So I'm in the process of buying my first property. My mum is gifting me 10,000 towards it.
The solicitor wants six months of bank statements, I.D, etc to check for money laundering. So mum will send it all in, however, the 10,000 has only recently been paid into her account. Some of the money has been saved from rent I've been paying, and she has been withdrawing it over time and storing the cash in the safe at home. Only recently it was paid in as it'll hopefully be needed soon.
This obviously looks dodgy as there is no way to prove any of this.
Will the solicitor take a dim view of this and demand extra bank statements in for future months, thus delaying the purchase, or will an explanation be sufficient?
Thanks for your help!
The solicitor wants six months of bank statements, I.D, etc to check for money laundering. So mum will send it all in, however, the 10,000 has only recently been paid into her account. Some of the money has been saved from rent I've been paying, and she has been withdrawing it over time and storing the cash in the safe at home. Only recently it was paid in as it'll hopefully be needed soon.
This obviously looks dodgy as there is no way to prove any of this.
Will the solicitor take a dim view of this and demand extra bank statements in for future months, thus delaying the purchase, or will an explanation be sufficient?
Thanks for your help!
0
Comments
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it is entirely up to the solicitor as to whether they want to investigate this further. your mum's bank will have flagged up the large cash deposit to HMRC so they may be looking at this in the future.
your solicitor likewise may also report to HMRC if they are not satisfied where the money has come from.0 -
Only your solicitor can answer that !Hopefully she can show payment from you and then her withdrawals. Why on earth did she do that?1
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Yes, I would expect the solicitor to take a dim view of it. What exactly they will need is something you'll need to discuss with them.0
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Alright, thank you for your responses. Obviously the rent money each month can be shown easily, but I'm not sure how much mum took out and when. I only recently learned it was all kept by!
I think mum said she wanted it to be kept separately, hence the withdrawal!
We'll have to wait and see what my solicitor says!
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Mum says it was paid in,recently, in instalments. Not just a lump sum of 10k!AskAsk said:it is entirely up to the solicitor as to whether they want to investigate this further. your mum's bank will have flagged up the large cash deposit to HMRC so they may be looking at this in the future.
your solicitor likewise may also report to HMRC if they are not satisfied where the money has come from.0 -
don't matter. the bank has procedures in place to flag up cash deposits that are not normal pattern. if you paid your mum rent, i hope you mean while you were living at home and not in a flat she rented to you?DeletedUser said:
Mum says it was paid in,recently, in instalments. Not just a lump sum of 10k!AskAsk said:it is entirely up to the solicitor as to whether they want to investigate this further. your mum's bank will have flagged up the large cash deposit to HMRC so they may be looking at this in the future.
your solicitor likewise may also report to HMRC if they are not satisfied where the money has come from.0 -
Yeah, I live at home still.AskAsk said:
don't matter. the bank has procedures in place to flag up cash deposits that are not normal pattern. if you paid your mum rent, i hope you mean while you were living at home and not in a flat she rented to you?DeletedUser said:
Mum says it was paid in,recently, in instalments. Not just a lump sum of 10k!AskAsk said:it is entirely up to the solicitor as to whether they want to investigate this further. your mum's bank will have flagged up the large cash deposit to HMRC so they may be looking at this in the future.
your solicitor likewise may also report to HMRC if they are not satisfied where the money has come from.
I'll just have to wait & see what happens!0 -
money laundering is hot hot hot at the moment, so big brother is every where. stashing cash under the mattress can get you into trouble so not adviseable.DeletedUser said:
Yeah, I live at home still.AskAsk said:
don't matter. the bank has procedures in place to flag up cash deposits that are not normal pattern. if you paid your mum rent, i hope you mean while you were living at home and not in a flat she rented to you?DeletedUser said:
Mum says it was paid in,recently, in instalments. Not just a lump sum of 10k!AskAsk said:it is entirely up to the solicitor as to whether they want to investigate this further. your mum's bank will have flagged up the large cash deposit to HMRC so they may be looking at this in the future.
your solicitor likewise may also report to HMRC if they are not satisfied where the money has come from.
I'll just have to wait & see what happens!0 -
The solicitor certainly should view £10k in gifted deposit that's untraceable beyond cash pay-in over recent weeks as dodgy. Because... it is.1
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thats very unlikelyAskAsk said:it is entirely up to the solicitor as to whether they want to investigate this further. your mum's bank will have flagged up the large cash deposit to HMRC so they may be looking at this in the future.
your solicitor likewise may also report to HMRC if they are not satisfied where the money has come from.0
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