Proving that you are not a Money Launderer when Buying a Property
One of the ways that criminals will try to get rid of their dirty money is by investing it into property. Buying a property is something that many criminals will do in order to get rid of money that has been obtained illegally, and in recognition of this and in order to prevent it, when you buy a property in the UK now, you will be expected to pass checks to ensure that you are not money laundering.
An AML ID check like this www.w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks/ is something that will be done when you agree to buy a house. These checks require you to prove certain things about yourself to confirm that you are not money laundering.
Proving that you are who you say you are can be done with various documents. Passports, driving licences and utility bills are among the things that you can use to confirm your identity. The documents are generally things that most people will have to hand.
You will also need to provide proof of your funds and where they have come from. Estate agents will often ask you for proof of funds before you make an offer on a property, and the reason for this is to check that you are able to proceed with the sale. This will be something like a bank statement or a proof of a mortgage offer that has been made to you.
This also ensures that the money has come from a legal source and isn’t from a criminal activity.