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What are the Money Laundering Regulations 2017?

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The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) came into force in June 2017. The Solicitors Regulation Authority (SRA) has developed Anti-Money Laundering (AML) guidance for the legal sector to follow. All SRA regulated firms are bound by the regulations.

What does this mean for clients?

All clients MUST provide source of funds and source of wealth evidence. Johnson Astills are required to ensure that ALL funds received from a client are legitimate and credible. It is not just the availability of the funds that we must verify, but the origin of the funds themselves.

What is source of funds evidence?

It can be difficult to determine the difference between source of funds and source of wealth.

Source of funds refers to the origin on a persons money or financial assets that are being used to fund a specific transaction – eg the purchase of a property.

What is source of wealth evidence?

Source of wealth evidence refers to the origin of a persons total accumulated assets and wealth – it is a much broader concept than source of funds as the purpose is to examine the history of wealth accumulation.

Examples of source of funds / source of wealth evidence that Johnson Astills could accept:

  • Inheritance – Will(s) appointing you as a beneficiary and bank statements evidencing the transfer of the money
  • Investments – profile of investments
  • Business ownership – certificate of incorporation
  • Employment income – salaries and wage slips
  • Bank Statements – showing the amount accumulating over time / any relevant transfers

Johnson Astills can assist with the sale and purchase of residential properties. Transfer of equity or re-mortgaging of properties.

Please get in touch with Johnson Astills today and we would be more than happy to discuss your requirements further. Please call us at our office in Leicester on 0116 255 4855 or our office in Loughborough on 01509 610 312 and ask to speak to a member of the Property Team. Alternatively, you may prefer to email us at legal@johnsonastills.com or fill in our enquiry form.

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