What is money laundering?
Money Laundering is the method by which proceeds of criminal activity such as drug trafficking and tax evasion are made to look like it has come from a legitimate source. Money laundering is a serious problem for the UK as it is an international financial centre.
What identification documents do we need to satisfy ML procedure?
The key is to obtain documents that help identify the client is the person who he says he is. Generally the rules require a client to produce a name and address ID (either a valid passport or a photo driving licence) and a utility bill (within the last 3 months) to prove his residential address.
Do we need to provide certified ID documents even if the solicitor is going to do an electronic ID verification?
If electronic verification is to be carried out, you only need to provide photocopies of the ID documents; you do not need to provide certified ID documents unless the electronic verification fails to identify you.
What if the client does not have any name ID?
We would ask the client to get one of the following persons, that he knows well, a Doctor, Justice of the Peace, Qualified Accountant, Dentist, Solicitor or Barrister to certify the photo as being of ‘true likeness’ of the client. They will generally write on the back of a photo something to this effect: ‘This photo is of true likeness of Mr John Smith’ and it will be signed by the professional. If a client cannot produce any utility bill to prove his residential address, we would require a letter from the client’s doctor to confirm that the client resides at the address he claims to be residing at.
What if the client refuses to provide the ID documents?
If a client refuses to provide ID verification documents, we would not be able to accept instructions from the client.
Do we accept instructions from clients under the age of 18 years old?
We cannot accept instructions from a client under the age of 18.
What is the maximum amount of cash that solicitors can accept?
Solicitors should not accept any cash over the sum of £500.
If a client wants to deposit money, do we need proof of where he got the money from?
If a client is seeking to deposit more than £500, the solicitors are likely to request documents to show the source of the.
What evidence does a client have to provide to prove where he got his money from?
Typically solicitors ask to see bank statements showing the monies accruing in the account or ask to see various bank statements to see the movement of money. If there was a sale of property to raise money, your solicitor would ask to see a receipt of the sale. If there was a gift, your solicitor would require bank statements of the person that made the gift and a declaration of gift as well.
When must the client get the ID documents to his solicitor by?
Your solicitor must have ID documents before he can receive monies over the sum of £500 and he must definitely have the ID documents before the client can exchange contracts.
What happens if the client fails to give the required ID documents in time?
This could cause delays as we are required to have these ID documents before we can proceed to exchange of contracts.
Is there any information on anti-money laundering regulations that we can send you?
Your solicitor should have leaflets published by the Law Society of England and Wales that explain the law.
Phew Legal Services Limited is regulated by the Solicitors Regulation Authority and covered by professional indemnity insurance in excess of two million pounds.
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