ID checks and solicitors

PoGee

I've used the same solicitor for around 20 years and haven't changed my home address for 30 years. When my siblings and I sold our mother's property, her solicitor asked for our passports and a utility bill. We went into the office to hand these in and once the property was sold, we received 3 cheques (2 interim payments and a final payment each), which were collected in person.
My own solicitor does ID checks also, which I know are for AML rules. I've given 1 form of photo ID and will give a utility bill as proof of address.
I'm surprised he's asked for a bank statement also. I'm selling, not buying. When I asked what they needed this for, they said - so we know where to send the money to. I'm happy with a cheque but if it must be to my bank account electronically, is it usual for them to ask for a bank statement? If I gave the banking information for someone else, it wouldn't go through as the account needs to be in my name. 

user1977

Probably just some added evidence that it's your account rather than somebody else's (yes the bank systems now include a name-check but I wouldn't place too much trust on it, plus not sure that the solicitors can easily save the results of that check to their file). Also not quite true that it "wouldn't go through", the payer can opt to ignore the results of the check and send to the account anyway.

PoGee

Yes,user1977, I see what you mean. Wiser to do as they ask.

loubel

They need to see your bank statements to verify that it isn't a new bank account. It's a standard compliance check.

Larac

I am buying/selling at the moment - had to prove who I was for both EA's and the Conveyancer - I came out of this experience and thought that there should be one system to verify who I am.  The selling EA - had to pay £30 for the privilege of confirming my identity.

artyboy

Larac said:

I am buying/selling at the moment - had to prove who I was for both EA's and the Conveyancer - I came out of this experience and thought that there should be one system to verify who I am.  The selling EA - had to pay £30 for the privilege of confirming my identity.

Proof of identity is actually pretty simple in the UK as the vast majority of us have official/machine readable documentation that can be cross checked against other official data sources. The problem in standardising it is

- every firm has their own procedures for KYC, and proof of identity is just one part of it (there's also proof of funds, source of funds, source of wealth, and checks for other 'things' that could make you a higher risk customer).
- there are quite a few 3rd party companies out there offering their own 'identity verification' services to solicitors, EAs, Accountants, banks, and other types of professional services firms
- None of them talk to each other, even if what they are doing is 90% the same
- Ultimately the solicitors, EAs, etc all still bear the regulatory risk of getting it wrong, so there's a reluctance to rely on someone else's process (unless it's one of these vendors that you've directly contracted with for an ID management service)

(This is my professional area by the way, and I'm trying to come up with a better way!)

PoGee

I didn't think they needed to verify my ID every time I asked them to do legal work. I last did that in 2023. I'm comparing the experience with my solicitor to the experience with my late mother's solicitor. Things went a lot smoother with that one - 5 minute face to face appointment, where my siblings and I took in our passports and a utility bill. Proceeds of sale issued by cheque.