Source of Funds and AML

When would we ask the client for Source of Funds?

• If the amount being sent is over £1000

• If the amount being sent is over £300

• If the amount being sent is over £500

• If the amount being sent is less than £1000

Which of the below Countries are identified by the Law Society as High Risk for AML purposes

• Democratic People’s Republic of Korea

• France

• Iran

• Myanmar

Select any of the below that relates to our Fraud checklist?

• Know your clients

• Enhanced Due Diligence

• Respond to client emails

• Anti Money Laundering

If the client makes a payment by Credit Card (and this was authorised by a Partner), when should this be reported to the Mortgage Lender as further borrowing?

• If the sum is over £100

• If the sum is over £200

• If the sum is over £300

• If the sum is over £500

Select any Warning Signs for Money Laundering

• Secretive Clients

• Client calling for updates regularly

• Request to send client money back to a Third party

• Overpayments

What must we do before we can send money out to the client?

• Have written Bank details on file

• Received a Bank Statement on the file

• Call the client to confirm their Bank details

• email received from the client with their bank details

Select any of the below that is required when the client is receiving a Gift

• Money sent directly to us from Giftor

• Source of Funds from Giftor

• Bankruptcy Search on Giftor

• ID from Giftor

If clients money is coming from Russia or Belarus what should you do?

• Proceed immediately to Exchange of Contract

• Continue provided your Team Manager is happy to

• Ask for bank statements for the foreign bank accounts

• We must not act on this matter. Please consult the MLO before advising the client

When the clients money is coming from a Remortgage we are not instructed on, what do we require?

• A copy of the Completion Statement from the Solicitors acting

• A letter from the Solicitors confirming completion

• Carry out a lawyer search on the firm acting

• Bank details of the firm acting

If client funds are coming from a HTB ISA what do we require?

• The last 6 months bank statements for each Help to Buy ISA being used for the transaction

• Statements that show the clients name, address and account number

• Confirmation from HTB

• Lawyer Checker