Granted.Solicitors are obliged to take reasonable steps to make sure that you are not laundering the proceeds of crime.
You need to satisfy them of this.
It’s a box ticking exercise. Nothing more. Don’t waste time or energy on it.What does a solicitor mean by this. Is one expected to account for cash of 250k accumulated over a lifetime, switched between various banks ? That would be a hell of a job to account for it alI.
My comment regarding it being a box ticking exercise related to the request from the solicitor. The solicitor is obliged to ask the question, and when he does so he can tick a box to say that he has requested the information. The request doesn't amount to any more than that.
For the recipient, in the vast majority of cases, responding to a "Source of Funds" is precisely a box ticking exercise. Nothing to be worried or concerned about, and nothing to waste time on. Simply indicate the source of (legally obtained) funds and move on. i.e. tick the box.
I can't imagine that AAM gets too many requests from drug cartels, crime lords and their like looking for guidance on how to respond to such a request.
Well into our 60'sAre there not boxes that say the likes of savings, inheritance, capital gains etc.
Tick the one that is relevant and think that if you were asked to prove it, are you able to demonstrate this as being correct.
If you are 21 years old, 250k savings would be questionable.
If you are 50, this is probably realistic.
I'm familiar with the meaning of the phrase. Both scenarios are examples.The phrase “box ticking exercise” has a particular meaning. Neither of those scenarios you’ve highlighted are merely “box ticking exercises”.
I'm familiar with the meaning of the phrase. Both scenarios are examples.
This is mainly false. Certain questions are indeed legal requirements in order to verify customer identity. But the purpose of the questions is so that the solicitor can satisfy herself to a reasonable level that source of funds is not criminal proceeds. The questionnaire is the means, not the end.The solicitor is obliged to ask the question, and when he does so he can tick a box to say that he has requested the information.