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Money Laundering check after failed completion day
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user1977 said:It's not possible to complete all AML checks at the start of the transaction, as by definition the solicitor needs to be able to trace the funds all the way through to whenever they hit their own account - so at least some of the checks need to be done close to completion. The only checks which solicitors must do at the start are to check their clients' ID, not the source of their funds.
I know it's difficult to put a time on this as it may depend on the complexity. We have been told all required documents have been submitted, if this is the case how long could it take? Is it likely to be days, weeks, months as this information would have a significant impact on our decision to wait or remarket the property.
Thank you kindly.0
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