- Also in this section:
Property Transactions: Source of Funds
To comply with the requirements of the Anti-Money Laundering Regulations, we are required by law to obtain evidence as to the source of funds that you intend to use to purchase property. This will include obtaining evidence of how you have accumulated the funds and the electronic transfer of funds between accounts. Where the firm reasonably considers it appropriate, an enhanced due diligence check will be undertaken. It is mandatory for us to ensure that funds used in a transaction are from an appropriate source. To do this we must verify, with evidence, that the source of funds and the source of wealth has been derived through legitimate interests. If you do not provide evidence we cannot proceed with your transaction and you will be charged for any work carried-out.
Generally, funds will be via a bank account, (or similar). We will need to see the remitting account details (bank, account number, sort code, name on account) as well as the transfer type (BACS, CHAPS, etc.). We will also need to have evidence as to how you have accrued these funds. If funds are coming from more than once bank account, we will need to see details for each account. Where funds are coming from a third party, i.e. a gift from a relative, we will need to verify where these source of funds came from and we will need to see identification for this person(s). We will also require a confirmation letter from the person gifting the funds, with proof of the transfer of funds from their account into yours. If the funds are from an inheritance, we will need to see evidence of this, such as a confirmation letter from solicitors acting on behalf of the Executors and a bank statement noting the transfer of funds from the solicitor’s to an account in your name. To assist you gather your Source of Funds information, we may use an electronic Source of Funds analysis and account verification software. At the appropriate time during your transaction, you will be provided with details of exactly what we will require from you to ensure compliance.
Timeous attention to your Business
Clients are frustrated sometimes by the delays associated with legal proceedings. Unfortunately, delays outwith our control are unavoidable from time to time. We will do what reasonably is within our power to ensure that your business proceeds as smoothly and efficiently as possible.