First time buyer money from family abroad (for deposit) AML checks

Tiggy777

Thanks for all the views.
I am now reading the Estate Agent  Mortgage lender and Solicitor all need to complete AMLs

Surely the estate agent hasn't got the time or expertise all complete AML checking.  Just wondered what level the estate agent would go into.

Any ideas ?

Thanks again.

Tiggy 

Uriziel

Estate agents have lawyers they pay for lawyer work. I think you are thinking too much into it and should just get it done with. You wrote that the guy's parents have their own company and have the money from there so this should be no problem at all. 

dannim12345

It seems like it can take a while and the amount of checks can vary (I don’t think anybody can really advise for sure) but if the in-laws money is from a litigate source - the buyers just tell their solicitor the source of their deposit asap.  It seems like a lot of delays happen when the source is not mentioned until or it changes at the last minute. 

Tiggy777

Yes....Uriziel and dannim12345 you are both right thank you.  Just reading some information from the estate agent....they say they use what l presume is a third party check called "Credas'  not sure the level it goes into but sort of answers my question about the way they handle the checks. 
Thanks again for the help, support and guidance so far 
Tiggy

Tiggy777

silvercar said:

The joke is that it would probably be easier if you declared you were gifting the couple part of your pension fund and the in-laws reimbursed you. It’s a joke, because these checks are meant to flush out money laundering in this way.

Yes I agree.... Just wondering if someone 'was' to do this are they any limits to what can be transferred into a UK bank account from aboard and what checks would it be subject to ? 

Chief_of_Staffy

I told my Estate Agent and solicitor under no circumstances would I allow a selection of third party companies to harvest my data (like all these companies Credas pass on your data to dozens of other private companies). Funnily enough, the EA then managed to do their checks in 5 minutes on the basis of two statements, and my solicitor in a couple of hours on receipt of a few more. Paying for these digital checks is an absolute racket.

Uriziel

Chief_of_Staffy said:

I told my Estate Agent and solicitor under no circumstances would I allow a selection of third party companies to harvest my data (like all these companies Credas pass on your data to dozens of other private companies). Funnily enough, the EA then managed to do their checks in 5 minutes on the basis of two statements, and my solicitor in a couple of hours on receipt of a few more. Paying for these digital checks is an absolute racket.

How much was your deposit?

user1977

Tiggy777 said:

silvercar said:

The joke is that it would probably be easier if you declared you were gifting the couple part of your pension fund and the in-laws reimbursed you. It’s a joke, because these checks are meant to flush out money laundering in this way.

Yes I agree.... Just wondering if someone 'was' to do this are they any limits to what can be transferred into a UK bank account from aboard and what checks would it be subject to ? 

No particular limits and the checks will depend on who is doing it and their assessment of the risks. But you can expect as a minimum to have to produce ID and some sort of paper trail showing where the funds came from, going back at least a few months.

But I think we've already told you that?

Tiggy777

I appreciate the checks...my last question was more relating to the limits and check as to what could be transferred from abroad into the uk.
Thank you 

MysteryMe

There are no set limits, if there were then everyone including the money launderers would make sure the transactions were under the limit....

If this in law is well off then it should not be any issue for them to provide the necessary documents showing where the money came. They will have some form of current account which their wage /dividend is paid into and from there to the savings/investment acct and then to the son etc. Wealthy people have accountants or financial advisors dealing with their finances so I'm sure it's not going to be an issue.