“KYC” or “Know Your Client” is part of a set of legal requirements issued by the Government to help in the fight against money laundering, corruption, fraud and terrorist financing. Businesses such as advocates dealing in property sale and purchase transactions must comply with these obligations.
This due diligence process is part of the fight against financial crime but also helps protect clients against fraud. Although completing a client information questionnaire may seem to be a hassle it is a critical part of identifying criminal activities and without it your advocate will be unable to move forward with the process.
For a property transaction we will ask for the following:-
1) an original in date proof of identification document (such as a passport or driving licence); and
2) proof of address e.g. a utility bill or bank statement (not older than 3 months).
If it isn’t possible to provide these we can look at alternatives but we must be able to satisfy our legal requirements.
We will also need to ask you about the source of funds e.g. a particular bank account in x bank in y name and your source of wealth e.g. earnings from x job at y employer.
BridsonHalsall have a highly qualified conveyancing team who will guide you through the process. Contact Bernadette Arlow on 614422 or email@example.com if you have any queries.