Anti-money laundering statement
Please help Scottish law firms meet anti-money laundering rules
Money laundering is the term used to describe the process by which criminals disguise the original ownership and control of the proceeds of crime by making such proceeds appear to have come from a legitimate source. By law, all firms of solicitors in Scotland need to follow rules on anti-money laundering which includes ‘know your customer’ checks on all clients and (in some situations) any third parties providing funds for a particular transaction. You may hear your solicitor refer to this as ‘due diligence’. The rules are set out in the Money Laundering Regulations 2017.
An important part of the ‘know your customer’ checks involves recording your full name, date of birth and residential address and verifying this information according to strict industry standards and government-approved guidelines. Your solicitor will give you details of which documents they can accept to prove your identity and address. All clients must take part in these checks no matter how long your solicitor has done business with you or what the nature of their relationship with you may be. The aim of these requirements is not in any way to prevent you being able to access legal services and representation.
For some transactions, such as buying a property, another important part of the process is for your solicitor to ask you to confirm where the money that you provide will be coming from, for example a UK bank account, an overseas transfer or money from a third party and how you have obtained that wealth, for example investment income, savings, sale of another property, or an inheritance.
Your solicitor is a highly trained, well-regulated professional who must follow strict standards. These checks ensure they follow the anti-money laundering rules, are complying with the law and are doing their best to protect you as a client.
Your solicitor will be happy to answer any questions you may have – for example which documents they may be able to accept as proof of identity.
Thank you for helping to prevent financial crime
