Money Laundering Act

[dafydd2008]

Guys got a quick question.
I am in need of transferring some remaining funds over to my solicitor for a house purchase, however they will not accept funds from anyone else other than myself and my partner due to the money laundering act, does this sound correct?

Basically, someone is lending me a few pennys as i am awaiting for some money to clear and due to time constraints i have asked my girlfreinds money to transfer the funds directly to the solictor, however now there not accepting the funds.

[marsred]

Lots of companies don't accept third party receipts. Offer to give them certified copies of the payer's passports and recent utility bill. Probably won't help as the refusal will be down to company policy but worth a shot (if you can actualy do it).

Alternatively do tranfers to your account and then back out via TT for a charge.

[davegriff]

It's not (just) company policy, it's anti money laundering regulations and they're strict. If you provide ID for the party in question, and explain what the score is then it should be ok.

[Gareth79]

As said, much much easier to just transfer it into your account first. The other problem is that if a mortgage is involved the solicitor might ask whether they have any interest in the property, and some lenders want a signed letter to confirm the situation. Just sit tight and wait and pay £30 to CHAPS the money wherever possible.

Edited by Gareth79 on Monday 19th July 01:19

[fluffnik]

davegriff said:

It's not (just) company policy, it's anti money laundering regulations and they're strict.

...strict enough to inconvenience everyone except money launderers.

[dafydd2008]

Thanks for the help guys, never knew transfering cash between acounts could raise so many questions!