What you Need to Prove when you Buy a Property
The UK property market might be something that can seem to us to be a little uncertain at times, but for money launderers it is something that has been used as a popular way to clean their dirty money. For this reason, the Government has been clamping down on this, to prevent this from happening.
When you buy a property in the UK now, you will need to have an AML ID check like this https://www.w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks to prove that you are not a money launderer.
For anyone who is a law abiding person, then this is not really as big a deal as it might seem. In order to prove this, you will need to provide identification to prove that you are who you claim to be, such as a passport or a driving licence, as well as proving where your funds to purchase the property are coming from.
This can be done in many ways, depending on where the funds are coming from – for example, the most popular way is with a mortgage, so you just need to get a copy of a mortgage offer that has been made to you. If you are using funds that have been gifted to you from parents for instance, they will need to provide written proof of these funds being given to you.
Although it might seem like a lot, this is something that can really help to crack down on the illegal money laundering that had been going on for some time in the UK property market.
