Solicitor asking for proof of funds

Thrugelmir

dipesh010 said:

princeofpounds said:

This is one of the pains of the anti-money laundering regime that now runs in the UK. The problem for your solicitor is that he is in some respects legally on the hook but the authorities provide relatively little guidance on what counts as a satisfactory level of evidence as to source of funds. A large overseas gift pretty much counts as a red flag. So he is asking for everything, which personally I think is overkill, but it's his professional standing at risk, not mine. You may well find it is easier to pick a different solicitor if they insist on every single transaction ever being evidenced; many will not go that far, but unfortunately you can't ask in advance what they will do (another red flag!). Any solicitor who is more regularly dealing with overseas business may help... you may find certain communities are more amenable to this kind of thing than others.

She is in depth investigation like  FBI 

Money laundering regulations shouldn't come as a surprise. They have been in place for a considerable number of years.  Solicitor is representing the lenders interests. No one is playing games.  Unfortunately a lot of cash circulates around certain parts of the economy all looking to be washed and legitimised. In this digital age proving the source shouldn't be an issue. 

davidmcn

Slithery said:

dipesh010 said:
If I let me solicitor know that some money I saved from my student loan. Will this cause more issue? i.e why were you taking the loan if you don't need or you can't use student loan funds to purchase this property?

We can't answer that. Only your solicitor can.

Quite.

OP, there's little point in you and us speculating about this - you need to tell your solicitor what you do (or don't) have access to, and see what they say about it. They will to some extent have other options they can fall back on if you don't have the first thing they ask for.

AskAsk

dipesh010 said:

AskAsk said:

speak to your bank and see how far back you can get statements from them.  it may help if you could send in at least 5 years worth of statements?

Current bank can provide 5 years bank statements but is lawyer really going to check them all (highly doubt)?  (waste of papers)
I used to open account at whichever bank used to provide the high interest rate so some money might not be visible with current bank and I've closed accounts with banks I used previously 

it all boils down to whether they believe you are money laundering or not.  so the more paperwork you can give them, the better they will feel.  it is all about convincing them that the funds came from legit source.

Scotbot

Thrugelmir said:

dipesh010 said:

princeofpounds said:

This is one of the pains of the anti-money laundering regime that now runs in the UK. The problem for your solicitor is that he is in some respects legally on the hook but the authorities provide relatively little guidance on what counts as a satisfactory level of evidence as to source of funds. A large overseas gift pretty much counts as a red flag. So he is asking for everything, which personally I think is overkill, but it's his professional standing at risk, not mine. You may well find it is easier to pick a different solicitor if they insist on every single transaction ever being evidenced; many will not go that far, but unfortunately you can't ask in advance what they will do (another red flag!). Any solicitor who is more regularly dealing with overseas business may help... you may find certain communities are more amenable to this kind of thing than others.

She is in depth investigation like  FBI 

Money laundering regulations shouldn't come as a surprise. They have been in place for a considerable number of years.  Solicitor is representing the lenders interests. No one is playing games.  Unfortunately a lot of cash circulates around certain parts of the economy all looking to be washed and legitimised. In this digital age proving the source shouldn't be an issue. 

True but if the solicitor is asking for detailed accounts going back over more than 5 years I would  find another solicitor, preferably a large firm used to overseas transactions.  I have zero experience of money laundering but I  would be surprised if those involved wait that long to access the cash.

gozaimasu

Use the Data Protection Regulations to get all the information you need from the organisations who hold your data. This should include all data they hold about since the beginning of time. Tell you solicitor this is what you are doing and they should know the expected timescales for such a request.

Nobody has suggested that you sound dodgy and might be a scammer or that maybe your solicitor is being racist. Poor use of English, not meeting them in person etc.

AskAsk

gozaimasu said:

Use the Data Protection Regulations to get all the information you need from the organisations who hold your data. This should include all data they hold about since the beginning of time. Tell you solicitor this is what you are doing and they should know the expected timescales for such a request.

Nobody has suggested that you sound dodgy and might be a scammer or that maybe your solicitor is being racist. Poor use of English, not meeting them in person etc.

oh please, dont start with the racist card! 

solicitors have to make sure the money is legit as property purchase is where money laundering is a big target.  they also have to do fraud checks.  there is big penalty levied on them if it comes to light that someone has money laundered and they did not carry out the proper checks.

gozaimasu

I said that nobody has used the racist card. Surely making such a statement of fact doesn't make me "using the racist card?!

I don't know if the solicitor is being racist, I guess I'm just surprised that someone from MSE hasn't suggested it!

Thrugelmir

Scotbot said:

Thrugelmir said:

dipesh010 said:

princeofpounds said:

This is one of the pains of the anti-money laundering regime that now runs in the UK. The problem for your solicitor is that he is in some respects legally on the hook but the authorities provide relatively little guidance on what counts as a satisfactory level of evidence as to source of funds. A large overseas gift pretty much counts as a red flag. So he is asking for everything, which personally I think is overkill, but it's his professional standing at risk, not mine. You may well find it is easier to pick a different solicitor if they insist on every single transaction ever being evidenced; many will not go that far, but unfortunately you can't ask in advance what they will do (another red flag!). Any solicitor who is more regularly dealing with overseas business may help... you may find certain communities are more amenable to this kind of thing than others.

She is in depth investigation like  FBI 

Money laundering regulations shouldn't come as a surprise. They have been in place for a considerable number of years.  Solicitor is representing the lenders interests. No one is playing games.  Unfortunately a lot of cash circulates around certain parts of the economy all looking to be washed and legitimised. In this digital age proving the source shouldn't be an issue. 

True but if the solicitor is asking for detailed accounts going back over more than 5 years I would  find another solicitor, preferably a large firm used to overseas transactions.  I have zero experience of money laundering but I  would be surprised if those involved wait that long to access the cash.

As matters stand the solicitor has been given 8 months of bank statements to support £69k of personal savings. That's the only relevant fact. The more someone protests the greater the level of doubt that will arise. 

gozaimasu

Can we really be expected to keep more than 6 years proof of deposit? HMRC only expect records to be kept for 6 years. It surely took more than 6 years to accrue £105k deposit, but can one solicitor really be so arsey to ask for more than what the uk authorities ask us to keep?!

AskAsk

gozaimasu said:

Can we really be expected to keep more than 6 years proof of deposit? HMRC only expect records to be kept for 6 years. It surely took more than 6 years to accrue £105k deposit, but can one solicitor really be so arsey to ask for more than what the uk authorities ask us to keep?!

yes they can.  having lots of cash in the bank can always raise enquiries.  with money laundering it is important to explain where the money came from.  you could prove with other means beyond the bank statements.  for example, if you sold a property 7 years ago, you could show paperwork for that.

as i said, it is all about being as open with the solicitor as much as possible, and if you can explain and show clearly, where you have records, of the money, you will have a better chance of convincing them.