Source of funds

By Jules Mortimer

What is source of funds?

Why am I asked for bank statements?

Why does your Conveyancer want so much detail regarding the origin of the monies you invest? It feels intrusive

Pay slips
P60s
Self employed accounts
Current account statements
Savings Statements
Evidence of house sales
Evidence of inheritances
Evidence of gifts

It’s incredibly sensitive – we know!

SO……………… WHY? ARE WE JUST NOSEY?

To combat the very high level of fraud within the conveyancing industry the Government has made Conveyancers the frontline in the fight against Property Fraud, Money Laundering and ID Theft.

It is a regulatory requirement and UK law that we check Source of Funds and Source of Wealth* amidst constant threats of being struck off and ultimately, prison sentence if we don’t.

It’s not a job we want (at all) but it’s a job we have. It is time consuming for us and unpleasant for you. View it as a necessary hurdle.

Not being financial experts or even forensic accountants it is not our area of expertise and we do not wish to snoop through your financial records. It is just quite simply UK law that we have to do so.

*Source of Funds and Source of Wealth means not only where your funds are held but how you accrued them. We need a history.

WE ARE REQUIRED TO CHECK:

How and from where did you get the money for this transaction? It is not enough to know the money came from a UK bank account.

Why and how so you have this amount of overall assets? How did they accumulate/how were they generated?

Obtain evidence showing why you have such wealth and an assurance that it has been obtained legally.

THE BORING STUFF FROM THE LAW SOCIETY IS HERE: Anti-money laundering guidance for the legal sector | The Law Society It’s a serious responsibility!

SO WHAT DO WE DO TO MAKE THIS AS PAINLESS AS POSSIBLE?

We tackle the job at the early stages of the transaction! We ask you for info within usually 14 days of file opening and send you a link to an anti money laundering check to complete at the earliest opportunity.

SO WHAT CAN YOU DO TO HELP US?

Work with us and co-operate.
Be courteous and supply what’s asked for.
Be aware and get together evidence prior to being asked.
Deal with the link as soon as possible.
And then once that is done let’s continue to be excited about your move and be glad that job is out of the way.

It’s our job to help advise and move this forward smoothly and with our guidance you will STAY ONE STEP AHEAD!

Your co-operation will make all the difference with this.

Remember it’s not a job we want, it’s a job we have!