Question on solicitor anti money laundering checks

[Deleted User]

So what's the worst that could happen here? 

AskAsk

Comms69 said:

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.

thats very unlikely 

i used to work in the finance sector and every year we had to sit a money laundering test.  in that course, we are expected under law to flag up any money laundering activities that we see to the money laundering officer, who then take the decision to report it to HMRC.  any comapny that are regulated by the FCA (FSA it was then) are obligated to have money laundering reporting in place.  that wasn't even a bank but an insurance company, so for a bank, i would expect the process to be very rigorous as that is where people put cash in.

Comms69

AskAsk said:

Comms69 said:

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.

thats very unlikely 

i used to work in the finance sector and every year we had to sit a money laundering test.  in that course, we are expected under law to flag up any money laundering activities that we see to the money laundering officer, who then take the decision to report it to HMRC.  any comapny that are regulated by the FCA (FSA it was then) are obligated to have money laundering reporting in place.  that wasn't even a bank but an insurance company, so for a bank, i would expect the process to be very rigorous as that is where people put cash in.

No i know, but it's unlikely to apply to £10k. Which is a pretty small amount of money. 

davidmcn

DeletedUser said:

So what's the worst that could happen here? 

Your solicitor refuses to allow you to use the money derived from the cash deposits as part of your purchase.

John_

To counter the alarmist tone of some of the posts, you will definitely not get into any trouble over this, as no-one’s broken any laws, but you may find you’ve a bit of hassle coming your way to get everything evidenced well enough to keep your solicitor and lender happy.

[Deleted User]

davidmcn said:

DeletedUser said:

So what's the worst that could happen here? 

Your solicitor refuses to allow you to use the money derived from the cash deposits as part of your purchase.

Uh oh! ha ha! Let's hope this is extremely unlikely 

[Deleted User]

John_ said:

To counter the alarmist tone of some of the posts, you will definitely not get into any trouble over this, as no-one’s broken any laws, but you may find you’ve a bit of hassle coming your way to get everything evidenced well enough to keep your solicitor and lender happy.

Thanks for that! Let's hope this is the case, and there's not too many issues! I know no laws have been broken, but it still looks dodgy AF! ha ha! 

kazwookie

OP if your mother want to keep the money separate why did she not just open a saving type account, and transfer the money each week / month.

'Some banks allow you to 'rename' accounts, so she could have called it what ever she wanted, plus it would be traceable.

[Deleted User]

kazwookie said:

OP if your mother want to keep the money separate why did she not just open a saving type account, and transfer the money each week / month.

'Some banks allow you to 'rename' accounts, so she could have called it what ever she wanted, plus it would be traceable.

Umm, this is exactly what I just asked mum. Her answer was "I have my reasons" 
I hope the solicitor accepts them, whatever they are! 

davidmcn

DeletedUser said:

kazwookie said:

OP if your mother want to keep the money separate why did she not just open a saving type account, and transfer the money each week / month.

'Some banks allow you to 'rename' accounts, so she could have called it what ever she wanted, plus it would be traceable.

Umm, this is exactly what I just asked mum. Her answer was "I have my reasons" 
I hope the solicitor accepts them, whatever they are! 

Unfortunately they sound bonkers! Might be different if there some more plausible reason for cash being involved (e.g. a self-employed client who gets paid that way). But £10k might be low enough for people not to be persuaded that your mum's a big-time crack dealer.