Source of funds?

FIREDreamer

I seem to recall loads of people having similar issues with comdirect / squaregain / selftrade a few years ago. They were certainly over zealous in following money laundering regulations!

Raven101

I am having the same issue with Wealthify right now, I deposit and withdraw £150 - £300 a month out but this month after trying to transfer my £150 they are asking for proof of where my £15k came from that went in in June from my nominated Nationwide account, it was preinheritance from my dad and I withdrew it in August when Cahoot had a better interest account, in 40 years of banking I've never had this trouble, if its from a British regulated bank account and you have verified yourself with ID to open the account already this really shouldn't be happening

dunstonh

 in 40 years of banking I've never had this trouble, if its from a British regulated bank account and you have verified yourself with ID to open the account already this really shouldn't be happening

40 years ago, the AML Directives didn't exist.  The first directive was 1991, which the UK implemented in 1993.

ALMD6 was adopted in May 2024 and needs implementation before 10/07/27.   Firms are already progressing to meet that. (along with AMLR & AMLAR)

AMLD5 brought in the obtaining information on the source of funds and wealth for customers and beneficial owners (Jan 2020 in the UK).  

AMLD6 doesn't apply to the UK, but as was typical of many EU directives, the civil service gold-plated a lot of the rules and went further (which the public would often blame the EU for overreach, but in reality it was Whitehall).  So the UK already met or exceeded the EU requirements before 

The UK's MLR requirements are what we are working with now and that has had some gaps filled in with similar requirements to AMLD6.   Business owners in particular would have seen the impact of that from their banks, requiring them to complete a questionnaire over the last year.  Something they have never had to do in 40 years. 

So, with your withdrawal, they are following Reg 28, Reg 33 and complying with SoW.

Qyburn

So how do you prove source of funds anyway? If we're talking long term savings it could be many years of payslips, and not everyone would have retained these.

dunstonh

Qyburn said:

So how do you prove source of funds anyway? If we're talking long term savings it could be many years of payslips, and not everyone would have retained these.

In that scenario, SoW would be earned income, and they would ask your occupation.  

NormalNorman

For source of funds I always say employment being an employee.