What Must A Solicitor Do In Respect To Money Laundering Checks

1. Money Laundering Law
2. What Must A Solicitor Do In Respect To Money Laundering Checks For Business

To prevent money laundering, solicitors within scope of the money laundering regulations must: carry out proper customer due diligence on their clients. Verify the client's identity and check the source of funds (where appropriate).

When buying or selling a home, you will need to use a conveyancer or conveyancing solicitor to take care of the legal side of things for you. This ensures that no important details are missed and protects you from any unpleasant surprises during the property sale or once the deal is done.The exact amount you pay for conveyancing will depend on who you hire to do the job for you, with some of the fees set by the conveyancer and others set by third-parties. Understanding these fees can give you a better understanding of whether you are being offered value for money, or not.In this article we look at the main fees and other costs you will pay for conveyancing. Solicitor/conveyancer feesWhether you use a specialist conveyancer or a, they will charge you for their time and the work they do. These are the main fees that will vary between different companies. It is a good idea to get a full breakdown of the fees you are charged, so you can more easily compare quotes between different companies.

Money Laundering Law

DisbursementsDisbursements are the fees your solicitor or conveyancer must pay to third parties for key services and checks during the conveyancing process.The main disbursements cover:Anti-money laundering checksRequired by the government to prevent money laundering, these are various legal checks to confirm your identity when buying or selling property. Your ID documents will be compared against other independent sources, with this process now commonly carried out online.The cost of money laundering checks vary, though foreign nationals and ex-pats tend to have to pay more as checking their ID is usually more complicated.Obtaining title deedsTo legally sell your home, you need a copy of the Title Deeds.

These are a series of documents, usually held by the Land Registry, which prove that you own the property.You will normally be charged a set fee for a single set of Title Deeds, plus an extra fee for any additional documents. If you are selling a leasehold property, you will usually have to pay a higher fee to obtain the relevant title deeds.SearchesWhen buying a house, it is important to have all the information you can about the property and the surrounding area. Second time used Bird & Co in a matter of months and team again of Seb and Donna were extremely professional, patient, quick with all comms and thorough. Would definitely recommend - many thanks Ben and Jake Ben Pearson. Rebecca and her team provided a professional and efficient service with direct and clear communication at all stages of our recent move.

I wouldn’t hesitate to recommend her for future work. Mr M H – Newark, Nottinghamshire – Conveyancing Client.

Thank you so much! I enjoyed working with you and I highly appreciate the type of service and support that you and your colleagues provide. Misa – Conveyancing Client. Excellent value for money with top quality services.

Mr JB – Stourport on Severn – Conveyancing Client. Fast, efficient and friendly service. Good value and very professional. I would use again and highly recommend. TM – Merthyr Tydfil– Conveyancing Client. A very big thanks to you (Estelle) and Alison for your help, advice and support. We could not have asked for more.

What Must A Solicitor Do In Respect To Money Laundering Checks For Business

AG – Grantham, Lincolnshire – Family Law Client. I was extremely impressed by Dale's professionalism. Which is why my Wife and I have had no hesitation in returning to Bird & Co.

I would recommend this company to anyone. JC – Kettering, Northamptonshire – Conveyancing Client. I cannot think of any suggestions that would improve the excellent service you provide. Nottinghamshire; Wills & Probate Client. Simon Cobb was brilliant.

Explained everything so it was easy to understand. He was available whenever I had a worry and helped reassure me. I'm so grateful for all his work helping me. Lincolnshire; Criminal Defence Client. I am naturally a worrier, and must have annoyed you with constant updates, but you were amazing. I need to say thank you for helping my dream of owning my own home come true. It means so much and I cannot thank you enough.

Ms GT, Conveyancing Client. ​Copyright Bird and Co Solicitors LLP 2017. All rights reserved.Bird and Co Solicitors LLP is a Limited Liability Partnership registered in England and Wales - Partnership Number OC318696.The members of Bird and Co Solicitors LLP are solicitors or barristers and a list of members is available for inspection at the registered office.The word 'partner', used in relation to the LLP, refers to a member of the LLP or an employee or consultant of the LLP of equivalent standing.The registered office is at 15 Castlegate, Grantham, Lincolnshire, NG31 6SE, UK.We are regulated and authorised by the.

Client A provides Solicitor Firm B with bank statements and other documents to enable source of wealth and source of funds to be undertaken. These checks are made and details of the account or accounts from which funds are to be transferred are recorded by Solicitor Firm B. Client A then makes the transfer of funds into Solicitor Firm B’s client account. How is it possible for Solicitor Firm B to complete with its regulatory and statutory obligations and complete the source of funds check when Solicitor Firm B’s bankers refuse to provide details of the transferor’s account? A client with criminal intentions could have provided Solicitor Firm B the bank statements from a legitimate account only to later use an account holding criminal tainted funds for the transfer. In the meantime, the absence of joined up writing on this aspect of effective detection will leave the whole of the legal and other sectors covered by the legislation completely exposed. I have asked Lloyds if this now means it is safe to assume that if the money is coming through the UK banking system the risk of money laundering and terrorism funding is low. I suggest this as the situation currently stands only the Bank knows from where the money has originated.

I have also asked whether a warranty to that effect can be given! I am not, needless to say, expecting a positive reply!