As part of our ongoing regulatory requirements and internal firm procedure, we will undertake electronic money laundering checks on each individual client, request bank statements to show evidence as to where and how balance purchase funds have been generated and where funds have been sourced from. This could involve us requesting bank statements for a period of 6- 12 months, which show continuous evidence of income. If we are not satisfied or wish to query certain entries we will raise questions and request evidence supporting the payments.
The electronic AML search fee will be charged as a cost being incurred and will be shown in the final completion statement, the current cost is on average £12.00 per person.
We are also under an obligation to undertake certain lawyer checks if in the circumstances we do not recognize the solicitors firm acting on the other side or have concerns. We will firstly make checks with the Solicitors Regulation Authority, the Law Society, and check the address, the regulation number and ensure the firm we are dealing with is the same firm that is registered at the Solicitors Regulation Authority. If we feel an electronic check is necessary we will undertake this to safeguard your funds and to ensure the bank details are those of the particular firm. There will be a small charge for this, currently this fee is on average £14.00 which is being charged by the search provider. We will show this charge within your final completion statement and will include this within our initial fee estimate to you.
