PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Cannot satisfy requirements for source of funds

2»

Comments

  • Hoenir
    Hoenir Posts: 5,640 Forumite
    1,000 Posts First Anniversary Name Dropper
    What's the amount of money involved?  
  • It's £200k in cash which we have accrued through our savings. The money is spread across various saving accounts but we have 2 current accounts from where we have received our pay.
    the problem is that a portion of thr £200k was saved over 5 years ago and it's this she is questioning but it's been so long, some accounts have been closed.
  • Hoenir
    Hoenir Posts: 5,640 Forumite
    1,000 Posts First Anniversary Name Dropper
    losthere said:
    It's £200k in cash which we have accrued through our savings. The money is spread across various saving accounts but we have 2 current accounts from where we have received our pay.
    the problem is that a portion of thr £200k was saved over 5 years ago and it's this she is questioning but it's been so long, some accounts have been closed.
    £200k is a significant sum of money to have saved. Proving the source of funds is nothing new from many lenders perspective in such instances. Unfortunately just because it was a long time ago doesn't mean that the matter can be disregarded. As the penalties for non compliance of AML rules are onerous. 
  • We had a solicitor like this once.  I told him the source of funds was from an inheritance and was able to show him the will, a letter from a solicitor saying that I had inherited this money, and some bank accounts, but because I had split the money up into several bank accounts, they still were not happy.

    I just told her that I couldn't provide any more and eventually she was satisfied.

    On the other hand, my son paid his mortgage off a few months ago by cheque, from a different bank to the one his mortgage was from, and no-one at Santander asked him any questions as to the source of funds at all.
  • Hoenir
    Hoenir Posts: 5,640 Forumite
    1,000 Posts First Anniversary Name Dropper


    On the other hand, my son paid his mortgage off a few months ago by cheque, from a different bank to the one his mortgage was from, and no-one at Santander asked him any questions as to the source of funds at all.
    That's because the transaction doesn't fall under AML regulations. 
  • Hoenir said:
    losthere said:
    It's £200k in cash which we have accrued through our savings. The money is spread across various saving accounts but we have 2 current accounts from where we have received our pay.
    the problem is that a portion of thr £200k was saved over 5 years ago and it's this she is questioning but it's been so long, some accounts have been closed.
    £200k is a significant sum of money to have saved. Proving the source of funds is nothing new from many lenders perspective in such instances. Unfortunately just because it was a long time ago doesn't mean that the matter can be disregarded. As the penalties for non compliance of AML rules are onerous. 
    Yes, but I can show with our P60s and saving accounts how much we are saving each month. The last 6 years are fine, it's everything prior to this that is causing a problem. I will try again next week.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.