|
Money Laundering and Identification
Regulations
Money Laundering
Precautions
-
Like all firms
of Solicitors, we are required by law to apply procedures to guard
against the risk of money laundering. Specific duties have been imposed
on solicitors (backed up by penalties for breach which include
imprisonment for up to 14 years). It will help us to avoid any
problems or delays with your legal work if you bear in mind the following points.
-
Identification
checks: We are likely to need formal evidence of your identity
before we start work. This may be necessary even though we
have acted for you before, or even if you are known personally to a
member of staff. We will tell you if such evidence is necessary, but it
may help us if you are able to bring evidence (see below) to our first
meeting. From time to time we have to ask you to bring in the
documents again. Problems can arise if your current signature does not
match that in older documents.
-
Cash:
We do not normally accept payment in cash other than for the payment of
our own bills. If there is a particular reason for your having to pay in
cash then please make arrangements with us in advance as we have to take
into account the terms of our insurance policy and the various
regulations referred to in this note, or may have to refuse.
-
Source of funds:
At the start of any matter we will normally ask you to tell us the
source of any funds you will be using. It is simplest for us if the
source is an account, in your name, in a UK Bank or Building Society. If
the source is an unusual one, such as an account in another country, or
in the name of someone other than you, please tell us as early as
possible, including the reason for this. We need assurance too
that the origin of those funds is legitimate, as one of the main
objectives of the rules is to prevent proceeds of crime being made to
look innocent by investment in a property.
-
Destination of
funds: Where we are to pay
money out to you, we will normally do so by cheque in your favour, or
into an account in your name. If instead you want us to pay surplus
money out into the name of someone other than you, please tell us as
early as possible, including the reason. A decision would have to be
made by our Money Laundering Reporting Officer, possibly after reference
to the SOCA.
-
Confidentiality:
We have always sought to keep our clients’ affairs confidential. However
the Proceeds of Crime Act 2002 can oblige us to report information
about financial offences to the SOCA (formerly the National Criminal
Intelligence Service). In particular, if it seems that any assets
involved in your matter were derived from a crime we may have to report
it. This can include even small amounts of money, and covers
all offences, including for example tax evasion and benefit fraud.
If we have to make a report we will not
be able to tell you that we have done so. A report may result in an
investigation by the police, the Inland Revenue or other authorities. The
law contains exceptions. If you are concerned about how this may affect
you, please ask us to clarify.
Delay in the transaction may result, even if you have already entered into
a binding contract. Damages for breach of contract may arise.
This is very rare but potentially extremely expensive or even ruinous.
Therefore it is best to deal with the regulations at the beginning of a
matter and to respond quickly if we have to carry out any further checks
during the course of the matter.
ID Requirements
Suitable ID is one of the following:
·
A valid full passport
·
A valid HM forces ID card with the
signatory’s photograph
·
The new style photo Driving Licence.
·
A current valid bus pass (over 60s
only)
We will also require any
TWO additional documents from the following list:
·
A cheque guarantee card, credit card
(bearing the Mastercard or Visa logo) American Express or Diners Club
Card, debit or multi-function card (bearing the Switch or Delta logo)
issued in the UK with an original account statement no more than THREE
months old
·
A firearm and shotgun certificate
·
Receipted utility bill no more than
THREE months old
·
Council tax bill no more than
THREE months old.
·
Council rent book showing the rent
paid for the last THREE months
·
A mortgage statement from another
lender dated within the last THREE months
·
A letter from the manager of your residential/care home.
This list is
not complete. There are other documents which can be used if
necessary.
If all of your
banking is online and you have no other documents available, please
provide printed versions of online banking statements and we will consider
whether these satisfy the statutory requirements.
Please bring the original documents into reception. The receptionist will
make copies, verify them and return the originals to you. You do not need
to make an appointment for this and you do not need to see the executive
handling your matter.
Please note that we cannot proceed with the
matter until such time as we have received sufficient proof of your
identity and address.
Overseas
Clients
Clearly we can have difficulties when
clients are not able to attend our office. even were they able to
send us their original passport in the post, we would not be able to
verify that whom we are assisting is the person in the passport
photograph. There are various solutions to this:
-
If you are in a jurisdiction which has a
reliable legal profession then we would accept copies of the usual ID
documents which are certified by a member of that profession as being
"true copies" and to the effect that the photograph on the document is a
"reasonable likeness" of the person producing the document to them.
-
A local Embassy, High Commission or
Consulate should be able to provide the service for producing certified
copies as detailed in item 1 above.
-
The manager of a British Bank operating
abroad is also a possible source of help.
-
If you are unable to deal with matters in
this way then we can make a check through an electronic database.
We would be likely to need other information of some sort also.
-
If you are working for a British company
overseas then it could be that an arrangement could be made with manager
at your location, if sufficiently senior or the personnel/human
resources department.
Electronic
Verification
If you are unable to provide sufficient
documents we may be able to solve the problem by reference to an
electronic database for a fee of approximately £45.00 plus VAT.
This is not always acceptable to lender but might be if we have other
information or documents as well.
Limited
Companies
We have to check the Company House records
and also the ID of any shareholder with over 25% of the issued shares.
This is only an extract from all the
regulations. If you have a problem then we may be able to find a
solution anyway.
The full Law Society regulations can be
accessed by
clicking here.
|
Home
About Us
Contact Us
Our Services
Business Matters
Family Law
Civil Litigation
Residential Property
Wills Probate & Trusts
Recent News & Advice
Free & Fixed Fee Advice
Our Staff
Non-Client Contacts
FREE Advice Notes
Vacancies
Professional Links
Local Area Links
 |
|
 
 
Thurstan Hoskin Solicitors, Chynoweth, Chapel
Street, Redruth, Cornwall, TR15 2BY
Tel: 01209 213646 - Fax: 01209 210069 -
info@thurstanhoskin.co.uk
We do not compete on price. We
compete on Expertise, Personal Attention, Speed and Remaining Competitive.
Our Success is based on: Sound Advice; Quick Action; Keeping clients
informed using Plain English. We neither pay nor accept referral fees or
commissions.
Director: Thurstan Hoskin BA
This firm is regulated by the
Solicitors Regulation Authority
SRA Number:
558629. Member of
Lawyers for Your Business,
and The Society of Trust &
Estate Practitioners
|
.gif)