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What you should know

Law firms are required under the Money Laundering Regulations 2007, the Proceeds of Crime Act 2002 and the Terrorism Act 2000, to:

1.Have a nominated money laundering reporting officer (MLRO)
2. Report suspicious activity that they think may indicate money laundering both internally and to the MLRO and externally to the NCA
3. Have a system clearly setting out the requirements for making a disclosure of suspicious activity under the Proceeds of Crime Act 2002 and the Terrorism Act 2000
4. Undertake customer due diligence to verify identity of clients, source of funds, beneficial owners and the nature of business transactions
5. Keep records of customer due diligence undertaken
6. Ensure staff are properly trained.

To comply with these legal requirements Turners uses electronic ID checking and has strict Anti Money Laundering (AML) controls.. 

In addition to electronic ID checking we ask all clients and beneficial owners to provide current photo ID in the form of a valid passport or photo driving licence against which we record your likeness. For proof of residence we ask for a current utility bill, bank statement or credit card statement (not older than three months).

If you are unable to provide either of these there are other forms of ID we can accept, please discuss this at the time of your first contact.

In addition to confirming your identity and residence we are also required to confirm the source of your funds and guidance from our professional body tells us that the source of all legitimate funds can always be confirmed by documentary evidence (bank statements, correspondence or otherwise). 

With a growing number of first time or other buyers obtaining help from family members or where the "Bank of Mum and Dad" are contributing to the purchase price we require all third party funders to be identified whatever the circumstances and to provide details as to the source of those funds. These funds may be savings, an inheritance, a bonus, a dividend or from some other legitimate source; in all cases we must satisfy our requirements to Money Laundering. A bank Statement or Pass Book will generally suffice but there may be circumstances where a greater degree of information may be required.

AML checks by our Bank.

Periodically our Bank may select electronic payments from us to other financial institutions or to other recipient accounts arising from us acting for you for additional security checks. If this were to occur your payment could be delayed for a few days whist our bank carry out their own AML ID verification and due diligence. We have been advised by our Bank to include with all instructions for the electronic transfer of funds details of your full names, your passport number and/or photo card driver number, date of birth and address. This may not stop the spot checking of a payment request but it should speed up the bank’s enquiry. Unless you advise us to the contrary we will provide this information. If you do not want us to make this disclosure then you must contact the person here dealing with your case in writing by return.

The above is intended for information purposes only and shall not be deemed to, or constitute legal advice. Turners Solicitors LLP cannot accept responsibility for any loss arising as a result of acts or omissions taken in respect thereof.