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Money laundering checks - panicking!

(8 Posts)
Crutchlow35 Sun 23-Mar-14 08:27:42

Sorry to say but if you are in Scotland the yes, it may case problems. We money launder and have a 6 month paper trail on all monies so that would be your deposit and your parents.

The only way £1700 wouldn't be looked at in Scotland is if you are leaving that amount, or more in the account and not using it for the house purchase.

ReginaldBlinker Wed 19-Mar-14 11:53:44

Good luck with the house buying likeaboss. Hope the rest of it goes smoothly x

likeaboss Tue 18-Mar-14 20:24:24

I love you all so much - will stop panicking now! Thank you hugely!

Vatta Tue 18-Mar-14 18:23:27

I'm a lawyer, and honestly we would never dream of looking at your bank statements or analysing your expenditure like that!

I just want to know that the money comes from uk bank accounts. If so I just accept that it's your money and that the bank has done their due diligence on any weird payments.

Have been doing this for ten years now and have literally NEVER reviewed a bank statement!

racmun Tue 18-Mar-14 18:12:54

As a solicitor (I am one) you don't go through people's bank statement scrutinising their statements. We have to make sure the money is coming from a reputable source, which if its in a uk high street bank is deemed to be a reputable source.

It would be for the bank carrying out their anti money laundering checks to scrutinise where the money came from when you paid it in. Assuming you haven't literally paid it in today and try to pay it out tomorrow I really wouldn't worry.

Please stop panicking

likeaboss Tue 18-Mar-14 18:07:04

Thanks! smile

That's helped to put my mind at ease a lot - I was having visions of being clapped in irons and sent to the tower, can you tell I'm paranoid?!

Much appreciated - if anyone else has any advice/experience of this, all is gratefully received! flowers

ReginaldBlinker Tue 18-Mar-14 16:05:10

We just bought a flat recently, so went through this, but obviously weren't in the same situation as you. I don't think you'll have much to worry about though. In the scheme of things, £1,700 isn't a huge amount (not to downplay your savings at all, that's fantastic that you've saved that much! Just mean that when compared with the cost of buying a house, it won't seem like much.)

They'll look at your salary and your expenditures, and they'll see that it's reasonable that you've stashed away £20 here and there, and that it all adds up. If you had hundreds of thousands, and earned £17K a year, they might get a bit funny, but I'm sure this will be fine.

likeaboss Tue 18-Mar-14 15:57:28

So DH and I are fortunate enough to be buying a house with the help of our parents. We've had an offer accepted and everything is going through RE mortgage, solicitor etc.

Our solicitor is now going to start the money laundering checks which involves checking where the deposit is coming from, so they'll be getting our parents' details from us etc.

I suddenly had a small panic though. We are putting some of our savings into the deposit, and our savings account will therefore be put under scrutiny for any irregularities. We usually pay in to the account monthly a certain amount from our wages, with the exception of a couple of months ago when I paid in about £1700 in cash.

My panic is - is this going to look dodgy/be questioned? I can't prove where it came from, basically it was a lump sum we had in our safe at home (we've put in spare £10/£20s over the years just as a kind of 'emergency cash' thing). When our parents offered to help us buy somewhere we thought the money would be better off in an account so we could pay for fees etc quickly, so I duly paid it in.

As we're first time buyers I haven't had experience with this before, and I'm a bit of a worrier about these things. sad Can anyone ease my anxiety?!

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