PLEASE NOTE WE CANNOT EXCHANGE CONTRACTS OR RECEIVE TRANSACTION FUNDS WITHOUT FULL INFORMATION FROM YOU
Once information has been provided we will consider it on a risk-based approach and advise if we require any further information from you
In order to comply with our anti-money laundering obligations pursuant to legislation in force, as part of the customer due diligence we are required to undertake in every transaction, we need to ask the question: How and the source of where our client received the money for this transaction?
We may also need to understand our client’s general source of wealth: the economic, business and/or commercial activities that generated, or significantly contributed to, the client’s overall net worth/entire body of wealth.
Please help us to meet our obligations by explaining as clearly as possible from where the funds being used in this transaction are derived from and providing any relevant evidence. We must be satisfied that your answers are “clear” and consistent with what we know about you, in order to fulfil our responsibilities and proceed.
Please avoid general answers. The following examples are NOT acceptable and may delay your transaction:
- “Savings”– we need to know how your savings were built up and from where they were derived or
- “UK bank account”– we need to know from where the account balance was derived
IF YOU ARE USING FUNDS ACCUMULATED OVER A PERIOD OF TIME, PLEASE PROVIDE A CURRENT BANK STATEMENT AND EVIDENCE OF FUNDS IN THAT ACCOUNT SIX MONTHS AGO AND A YEAR AGO.
IF YOU RECEIVED ONE OR MORE LUMP SUM PAYMENT(S) THEN PLEASE PROVIDE A COPY OF THE ENTRY ON YOUR BANK ACCOUNT.
- “My business” – we need to know which business and how funds were extracted, for example “profits paid by dividend over the last 10 years”
- “Inheritance”– we need to know when you inherited, from whom and how much.
PLEASE ALSO STATE HOW THE FUNDS WERE ACQUIRED. FOR EXAMPLE: INCOME (FROM WHERE), INHERITANCE (FROM WHOM), SALE OF A BUSINESS OR PROPERTY (DETAILS PLEASE).
- “Sale of property” – we need to know what property, when it was sold, how much funds you received.
FOR A SALE NOT DEALT WITH BY GRANT SAW SOLICITORS LLP– PLEASE PROVIDE EVIDENCE BY WAY OF A COMPLETION ACCOUNT FROM YOUR SOLICITORS AND BANK STATEMENT SHOWING THE DEPOSIT INTO YOUR BANK ACCOUNT.
- “Gifted funds from family member” – we need to know who is providing the gift, their relationship to you, the amount of the gift and how they acquired the funds.
Please note that if funds are to be gifted then identity documents and bank statements are required from the person or persons providing the gift. They will also be required to provide a declaration confirming the gift. We shall provide a template. They will also be required to complete a Source of Funds Questionnaire.
Please note that we will assess transactions where funds are going to be lent by a third party and will let you know whether we can act.
Thank you for taking time to complete this questionnaire and helping us to comply with the obligations on us as a firm regulated by the SRA. We understand that some clients will feel that this a private matter and that we are seeking too much information, but we are bound by the guidance issued to us at paragraph 6.17 of the Guidance which can be found at https://www.sra.org.uk/globalassets/documents/solicitors/firm-based-authorisation/lsag-aml-guidance.pdf