Source of Funds - A Conveyancers Obsession
Why do Conveyancers want so much detail regarding the origin of the monies you invest? Why do they have to be so intrusive?
Pay slips, P60s, Bank & Savings Statements. All are fair game. Evidence of your inheritance, lottery win or property sale demanded. These are incredibly sensitive, confidential documents!
The Government has put Conveyancers on the frontline to combat Property Fraud, Money Laundering and ID Theft.
Regulations require Conveyancers to check this on THREAT of being struck off and even PRISON time.
So along with everything else that Conveyancers must do another time-consuming hurdle to jump. One that we don’t want!
We are NOT financial experts. We are not FCA regulated. It is not our area of expertise.
Yes, it is incredibly intrusive.
No, we don’t want to have to ask!
We have NO choice. Our hands are tied.
Compliance, due-diligence, AML and ID checks all add to the time it takes to get you to the finish line. All part of the Governments regulatory efforts to combat crime and fraud.
It is time consuming for us and unpleasant for you. But we are where we are. No one wants a Luton Vicar to have his house stolen from under him. Google it … if this means nothing to you).
REGULATIONS REQUIRE CONVEYANCERS TO CHECK:
• How and from where did the client get the money for this transaction? It is not enough to know the money came from a UK bank account.
• Why and how does the client have this amount of overall assets? How did they accumulate / generate these funds?
• Build up the reason as to why they have such wealth and an assurance that it has been obtained legally.