WorksheetsSource of Funds & AML
Total questions: 10
Worksheet time: 7mins
When would we ask the client for Proof 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
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