To think this AML / source of funds check is massively overkill

[NameChange202526]

I have instructed a solicitor in relation to a financial transaction value £1500

they have asked for proof of where the funds have come from
I work full time (not minimum wage), and get a bi-annual bonus of over £1.5k each time

• I have provided 6 months bank statements and payslips

apparently not enough as there are other credits to my current account (basically friends owing me money, transferring money from joint account when I spend too much. They then ask for 6 months bank statements for joint account which I provided. again not enough. As DH also tops up joint account. They asked for 6 months bank statements and payslips for DH’s personal account (also full time pay well over min wage). They are now questioning the other credits in DH’s personal account. E.g. we have closed one of the children’s savings accounts and various other transactions

is this all ridiculous for the sake of £1.5k?

It's for the prevention of money laundering. They are personally responsible and won't risk their career. It's a pain, granted.

Yep, unfortunately individual's in this type of role could face the possibility of a prison sentence if they don't do the due diligence correctly.

But if I have been paid from my employer over £1.5k each and every month, have a balance well over that, why to they ask ‘what was the £14.50 from Sarah in February (split lunch bill), what was the £50 credit in April (birthday gift for dc from distance relative) , and dozens of other small credits from friends/family on both mine and DH’s current accounts?

why can’t source of funds just be my salary from paid employment?

The problem is the regulations are open to interpretation and the checks will be done by junior staff who don’t really understand what they are doing.

Looking at bank statements does not tell anybody anything. It’s just performative nonsense.

I would try telling them that the source of funds is savings from income and give them a copy of your p60.

If that’s not adequate then find a different solicitor

I totally understand they have to verify the source of funds for the actual transaction. But not why they have to check the source of every single penny in all our accounts for the last 6 months. Surely just the amount of the transaction from a legal source should be sufficient.