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JosephK
Posts: 236 Forumite
Son & daughter-in-law buying 1st house and, as Bank of Mum & Dad do, we're giving some money towards deposit (not a big amount in this instance). Nothing different to what we've done before for our other son and for uni and weddings.
However, on this occasion, we seem to be having to jump through hoops proving who we are, whether we have the money, where it came from, etc. What is the point, after all if the money was the proceeds of a bank robbery, I'm hardly going to say that on some paperwork I fill in.
Maybe this is just a vent, but if I choose to spend my money how I choose so long as it's not illegal, why the faff - never had it before.
However, on this occasion, we seem to be having to jump through hoops proving who we are, whether we have the money, where it came from, etc. What is the point, after all if the money was the proceeds of a bank robbery, I'm hardly going to say that on some paperwork I fill in.
Maybe this is just a vent, but if I choose to spend my money how I choose so long as it's not illegal, why the faff - never had it before.
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Comments
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Updated money laundering regulations. It's much tighter than it ever was before. Your solicitor has no choice or the buck may stops with him if you were found to be laundering money and he'd not checked.2023 wins: *must start comping again!*0
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Different circumstances but I was told by a conveyancer that I would need a letter from the donor confirming where the money had come from when we were looking to extend our lease and clear the mortgage. That was after I'd specifically told them it was an inheritance...
In the end we sorted out the mortgage ourselves and neither bank asked where the money was coming from.0 -
Afraid this is how it works these days. My parents gifted me part of my deposit and were very upset about all the information they had to provide - bank statements, signed letters, copies of passports with countersignature, etc. etc. Unfortunately though it's a legal requirement.
If you genuinely have nothing to hide and you're happy to give the money, then your son and daughter in-law will really appreciate you going the extra 5 yards to get it over the line I'm sure.0 -
Just as a point of fact, the point of questioning and asking for evidence for AML isn't to get people to disclose that they're a bank robber or drug dealer - as you rightfully say, nobody is going to do that. What the aim is to do is to substantiate the trail of money and ensure that the source of funds itself isn't suspicious - for instance, if your account has lots of large transctions in and out to different places, and you then send the money for the deposit, that could be the trail being obscured. Or if the entire source of funds was cash deposits at bank branches around the country, or other similarly untraceable transactions, that would be suspicious.
The requirements are stringent precisely because what money laundering is isn't outwardly saying you robbed your local Post Office, it's obscuring the trail of money that's come from robbing your local Post Office, or selling drugs, or selling weapons, or other illegal actions. There seems to be a reaction to these checks by people that those carrying them out are suspicious of them or accusing them of something untoward, when in reality routine checks like this are (usually) more about confirming that everything is OK and above board than it is about any concrete suspicion.urs sinserly,
~~joosy jeezus~~0 -
Aye, and arguably just because I say it's mine doesn't mean it is mine. The manner in which Money Laundering regs are being applied turns on its head one of the basic principles of English law. You are now deemed guilty until you can prove yourself innocent0
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Aye, and arguably just because I say it's mine doesn't mean it is mine. The manner in which Money Laundering regs are being applied turns on its head one of the basic principles of English law. You are now deemed guilty until you can prove yourself innocent
Which part of English Law is being turned on it's head?It's nothing , not nothink.0 -
Aye, and arguably just because I say it's mine doesn't mean it is mine. The manner in which Money Laundering regs are being applied turns on its head one of the basic principles of English law. You are now deemed guilty until you can prove yourself innocent
Nope, you're still innocent, and there's no assumption that you're "guilty" until there's actually some reason to think that there's a suspicion of "guilt". You are simply providing documentation to validate what you're saying about your source of funds. That's all it is.
Of course, refusing to provide such documentation is quite odd and does just draw attention to yourself as someone with something to hide.
And, of course, this has nothing to do with innocence or guilt, given this is a documentary exercise rather than a criminal investigation and court case.urs sinserly,
~~joosy jeezus~~0 -
We have to all prove things in all kinds of ways. My daughter gets hacked off that she has to prove her age when buying alcohol.0
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There should be no need for AML checks between UK banks as the source bank should have done the necessary checks on the money going in.
If you get it far enough in advance, spend it, convert earnings to savings no need for checks on a chunk of the money.0
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