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What do money laundering regulations mean?

It says you have to provide identification at a later date. I don't understand what this means. The only way I would be able to afford to buy a house is if I won the lottery...

Asked on May 29 2016, General in Upminster | Report content

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  • Wherever large sums of money change hands there are regulations in place to ensure that the authenticity of that money has been verified and that you are who you say you are. If you are buying a house everyone in the chain has an obligation to run the same checks and so you will most likely have to provide documents to the estate agent, the mortgage broker / lender & the solicitor. They will want to see a proof of identity (either passport or drivers license) and a proof of residency (utility bill / bank statement dated within the last three months). Where the deposit is significant (usually in excess of £10,000, they will usually ask for proof of the deposit and evidence of it's source to comply with their anti-money laundering obligations.

    Answered on May 31 2016, Report content
  • Hello, If you are not buying or selling, who has asked you for ID? Be cautious of fraud! Hope that helps. - Jeff.

    Answered on Jun 6 2016, Report content

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