Control of Money Laundering

KS55

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Joined
14 Oct 2016
Messages
11,038
If you are a major criminal or an oligarch grown rich on by dubious methods, you can salt your ill gotten gains away in London Property without too much difficulty by using an offshore company to purchase a mansion.
But try and spend legitimate funds on uk property and you might run into difficulty.
My son is buying a house and needed to borrow part of the deposit from my wife and I.
So wife goes off to the bank to make a transfer to his account. Bank asks what it's for.
Ok, they say we are required to ask you some questions. Is it anything to do with a lottery? How long have you known this person? Did they contact you by email? This goes on for quite some time. Ok, last question, Have you seen the face of the person you are sending the money to? HE IS MY SON, YOU IDIOT,
All three of us have banked at the same branch for donkey's years. We have the same SURNAME. Oh, ok. Now before we do the transfer, we need to telephone the recipient to check. Check what? Just to check. Long delay on the phone, as son is at work. Finally after more than an hour: Put your card in and we'll do the transfer. Phew! Money goes. Son's offer for house accepted, mortgage arranged. Son off to solicitor: Have you got the deposit available?
Yes. What is the source of the money? I earned and saved and my parents have provided the rest. Ok, I need to see your bank records and those of your mum, whose account it has come out of. What does your mum do for a living? She is retired. So how come she has this money?
Well I don't exactly know, you don't ask your parents that sort of thing. Bank contacts mum: Can you tell the source of this money? Er, lump sum from occupational pension.
Ok, we need you to come into our office, with bank records, and we will require you to sign a document saying that you will not be residing at the property and that you are giving the money as a gift and it is not a loan. Bring your passport.
WTFF?
 

Tuearts right boot

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Joined
26 Feb 2011
Messages
16,164
Location
Halfway up a mountain,bumfuck nowhere,Snowdonia.
A ball ache yes but you should be a grateful that the banks are going through this. There are thousands of people being scammed and the banks rightfully are conscious of this. With all due respect, you be the first to kick off if someone lifted £XXXX from your account and the banks had let them do it without any checks....
 

Dave Ewing's Back 'eader

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Joined
9 Mar 2007
Messages
52,574
Location
Upwind of the Mangrove Swamp
I had a similar thing with my ERO's solicitor about the money being a gift and not a loan. Bank wouldn't fund anything where another person had a charge on the property, but we never had that kind of shit, I just transferred the money. They are frightened to death about racking up a fine for money laundering, inadvertent or not!
 

Ant

Well-Known Member
Joined
27 May 2004
Messages
386
Location
ex UK
In NZ they ask certain questions like that when you spend money on watches and Gold jewelry. Recently had to prove I was me and wasnt allowed to use cash for my latest watch acquisition at the jewelers . Had to go to the bank pay the cash in ... (wheres the money from questions etcetc...) I sold one of my motorbikes... fyi lady non of your flippin business.. it was less that 10k so I'm Im unikely to be a drug lord.... I get it if I was buying multiple properties using cash... but seriously a month wages! Strikes me of big brother..
 

denislawsbackheel

Well-Known Member
Joined
28 May 2008
Messages
19,908
I had exactly the same shit from the bank when I gave my daughter a contribution for her deposit for her flat.
They wanted to know where it was from.
I said from a cash ISA I replied.
They wanted copies of the ISA history.
I duly sent it.
They didn’t ask me to show how the money I put in the ISA came from my drug running business though.
Not.


My daughter, a trainee solicitor tells me that they have had “non indigenous” clients going ballistic when they wouldn’t proceed with a cash property purchase without evidence of legitimate source of funds.
 

denislawsbackheel

Well-Known Member
Joined
28 May 2008
Messages
19,908
A ball ache yes but you should be a grateful that the banks are going through this. There are thousands of people being scammed and the banks rightfully are conscious of this. With all due respect, you be the first to kick off if someone lifted £XXXX from your account and the banks had let them do it without any checks....

it’s got nothing to do with that.
It’s all about money laundering.
 

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