Gifted deposit from abroad and requested documentation?

omarmansour

Hi, just posting my question here and hoping some one can share their experience. I am in the conveyancing process now and I declared a gift deposit from my mother who lives outside the UK/EEA. She is a shareholder and a partner at a company there. She has been given dividends (cash/cheque) from being a shareholder, and she transferred this money from her account to my UK account for the gift purposes. The lenders knows about the gift.

Now, when it comes to the solicitor's AML checks, I am concerned by the fact that she was given the dividends in cash. What sort of documentation apart from her ID and bank statements should we expect to be requested? I am a FTB, and this is really concerning and daunting, so appreciate any insights ! Thanks 

davidmcn

omarmansour said:

Hi, just posting my question here and hoping some one can share their experience. I am in the conveyancing process now and I declared a gift deposit from my mother who lives outside the UK/EEA. She is a shareholder and a partner at a company there. She has been given dividends (cash/cheque) from being a shareholder, and she transferred this money from her account to my UK account for the gift purposes. The lenders knows about the gift.

Now, when it comes to the solicitor's AML checks, I am concerned by the fact that she was given the dividends in cash. What sort of documentation apart from her ID and bank statements should we expect to be requested? I am a FTB, and this is really concerning and daunting, so appreciate any insights !

I expect some evidence of the dividend payment and clarification of why on earth any of it is paid in cash. As has probably been said upthread, there are no standard rules, so you'd be best just to talk to the solicitor rather than do anything based on our speculation.

Which country it is may also make a difference as some will be viewed as more inherently suspicious than others.

omarmansour

Hi, It's coming from Egypt. And unfortunately with companies over there, whether big or small, they still operate with and old mindset of cheques and cash when it comes to distributing profits. I will call the solicitors tomorrow and get a better list of what they would require as they were vague in their emails earlier with the list of documents required.

Thrugelmir

omarmansour said:

Hi, It's coming from Egypt. And unfortunately with companies over there, whether big or small, they still operate with and old mindset of cheques and cash when it comes to distributing profits. I will call the solicitors tomorrow and get a better list of what they would require as they were vague in their emails earlier with the list of documents required.

In this digital age. An auditable document trail should be easy to provide.