During property purchases we deal with large sums of money. For every transaction, we are required to check where the money is coming from.

At Gepp Solicitors, we understand being asked to provide proof of funds can feel intrusive, frustrating, and even unnecessary. You may even be wondering why the solicitors are required to check the source of funds instead of the bank.

The simple answer is it’s our legal duty and it cannot be avoided. Failure on our part to comply with legislation could mean our staff face criminal charges personally.

What we’re looking for

When we ask for proof of funds, we’re checking:

  • Where your money is coming from
  • That it belongs to you or is a legitimate gift/loan
  • That it hasn’t come from criminal activity

This might mean asking you to provide bank statements, proof of savings, evidence of a property sale or inheritance, or other documentation depending on your circumstances.

Why it’s so important

Money laundering is a serious global issue. Because of the large sums involved property transactions are especially vulnerable to criminals attempting to “clean” illicit money. We’re not just following a process; we do this to stop criminal activity and help prevent illicit funds from being laundered through the UK financial system.

Occasionally, if something doesn’t look right, we are required to make a confidential report to the National Crime Agency (NCA). We cannot tell you if such a report is made even if it pauses the transaction. To do so would be considered ‘tipping off’ which is a criminal offence in itself.

Help us help you

Being open and cooperative with your solicitor makes the process smoother and faster for everyone. If we have a client who provides unclear or incomplete information it can raise red flags and delay the transaction.

By working together, we help protect the integrity of the UK property market and stop illicit money in its tracks.

If you’re unsure what you need to provide or why we’re asking for something, please ask.  We’re here to help you through the process and make it as straightforward as possible.

To speak to our Commercial property team, contact us on 01245 228115 or commercialenq@gepp.co.uk.