Money laundering is a big problem around the world and is something that Governments are determined to tackle. It causes problems not only for the economy but also for communities as it is done to conceal illegal and anti-social activities such as drug dealing and smuggling.
One of the most common methods used by money launderers is buying a property – this way they can get rid of the money that they made with illegal activities and invest it in bricks and mortar. However, this is something that is being cracked down on and when you buy a property in the UK now, there are procedures and checks in place to ensure that the money is not coming from illegal activities.
An AML ID check like this www.w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks/ is one type of this and it means that the person is not able to use a false name or address, something that criminals would typically do so that they cannot be traced.
Proof of funds is also something that is required, and this is something that if you buy a property now, an estate agent will ask for once you have put in an offer on the property. There are many ways that you can provide this, including bank statements, showing your income and outgoings, evidence that money has been left to you in someone’s will or if the money is a gift that you have been given, a letter signed by the person who gave it to you stating the fact that it is a gift.
