AML stands for Anti Money Laundering, and it’s important for anyone who is taking in big chunks of cash, for example, money for a property deal. It’s a piece of legislation to prevent criminals continuing to use money that they’ve obtained through illegal activities. So as a property investor, and someone who raises money, it’s up to you to ensure that any money you take in is clean money.
So how do you do that?
You need three documents:
Certified ID, Certified Proof of Address and evidence of the source of funds that you’re taking in.
The source of funds needs to show that money that’s coming in sitting in the account for at least 3 months. Or evidence from the sale of a property or a bond maturing or evidence of where that money came from. Once you’ve got those three things, and you’re happy with them, you’re fine to draw down on the money from the investor and you may need to present some of those documents to a solicitor in the future if you’re then passing that money on.
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