Providing ID and proof of funds is a requirement of The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.
Because solicitors and law firms handle large sums of money, especially when dealing with property transactions, they are considered to be at risk of money laundering.
Money laundering is the process of making illegally-gained money or property appear legal by introducing them into a legitimate financial system.
If you have any more questions about money laundering, please contact us now.