Money Laundering and Source of Funds
As solicitors, we have an obligation to ensure that all money that passes into our bank account has been legitimately obtained and therefore we have to undertake certain checks against all clients and the money that they will be providing us with.
For every transaction where we will be receiving your money for things such as a deposit for a property purchase or the balance on a re-mortgage etc, we will need to verify where you have obtained the money from. We need to verify this BEFORE we can give you our bank details and BEFORE we can accept any funds from you. This is a legal obligation upon us and we cannot vary the procedure in any circumstances.
To satisfy our requirements, we will need to see bank statements/investment summaries etc showing the full balance that we will be receiving from you together with as much detail as possible about where the money has come from. If for example, you received damages from a personal injury claim, an inheritance, proceeds from the sale of a previous property etc, a bank statement showing the funds going into your account and a copy of the correspondence from your previous solicitors will be sufficient for our requirements.
If the funds have accumulated over time from regular savings, we will need bank
statements going further back over time to show the balance increasing over a longer period. The earlier that you can let us have this information, the better. If you do have any queries at all about your individual circumstances and the information that we will need to see, please do not hesitate to give us a call and we can discuss matters with you.
If you have borrowed money informally from friends or family, or been given a cash gift to assist with the purchase of a property etc, we will also need to verify information about the donor of
the gift/loan. We will then need to confirm the details with your mortgage lender, so please ensure that you have also advised them of the arrangement to prevent any delays in the mortgage
proceeding. We will need to contact the donor to verify their identity and to obtain their instructions about the repayment (if any), so please let us have their contact details as soon as possible
and also please let them know that we will need to contact them. The sooner we can start this process, the less chance there is of our enquiries delaying the progress with
We understand that these procedures can prove frustrationg, but unless they are complied with strictly, we cannot proceed to completion of a financial transaction.
Barrass White Legal
G4, The Enterprise Village
Prince Albert Gardens
North East Lincolnshire
Tel: 01472 353961
SRA Registration Number: 607982
Or use our contact form.
We are available Monday to Thursday 9-5 and Friday 9-4.30 and will endeavour to respond to all emails and telephone messages within one working day. If we are not available when you call, please leave a message or send an email and we will get back to you.
We will also be available at other times, by appointment.