Anti-Money Laundering & Identification

1. Professional regulations issued by the Solicitors Regulation Authority (SRA) govern how law practices can operate and all such practices need to comply with Anti Money Laundering legislation.

2. All clients of law firms need to be clearly identified and verified. The reason for this is that law firms can sometimes be used by criminals to launder proceeds of crime to make the proceeds seem legitimate.

3. We therefore must obtain evidence of a client’s identity, and to verify that identity, where we accept instructions to act.

4. We are also required to check certain registers of named individuals where special caution is required.

5. Generally, we are not able to undertake any work on your case until we have obtained the identification evidence we need.

6. We will obtain some of the ID evidence we need electronically, via an online search through an approved provider. We may charge for each person searched against, which will be included within the next or final invoice delivered to you.  This will save you having to produce original documents to us though we will still need copies of certain documents, which will be advised to you.

7. For clients that are Foreign Nationals, or who live abroad further evidence may be required from online registers that we apply to, for which an additional charge is made.

8. For Companies, we will obtain an online search for the Company and will also need ID evidence in respect of Directors and/or Shareholders

9. We will also need to assess, during our handling of the matter, whether further identification evidence is needed. This may arise, for example, where you move address, or where unexpected developments occur.  If this happens we will let you know that further ID evidence is needed and will do our best to assist you in obtaining it.

Source of funds

 

In order to proceed with the transaction, we are required to obtain full details of the source of funds that you will be providing to us in order to complete the transaction.

 

Please note, that without this information we are unable to proceed. All solicitors need to verify the source of funds to comply with Anti-Money laundering regulations, a failure to provide sufficient information will result in us being unable to progress your matter until all information requested has been provided to our satisfaction.

 

Please note, that we require either original bank statements or copy of the bank statements printed and stamped by the branch. The statements provided must also show the funds in your account for at least the past three months. In the event the funds have not been in your account for the past three months, we will require a paper trail of evidence showing the accounts in which the money was previously held.

 

For clients based overseas additional checks may be required to include certified documentation from a local lawyer.

CALL US

0800 019 7773

 

ADDRESS

20-22 Wenlock Road

London, N1 7GU

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Copyright 2018. England. All rights reserved. Serenity Law LLP Registered Company OC353067 Authorised and Regulated by the Solicitors Regulation Authority SRA No. 537491.