Comment by tim333
2 days ago
It wasn't in cash. It was in equities to a large extent. But they still ask for the source. Even if it's from selling shares they want to know where the shares came from. At least sort of. The whole thing is a box ticking exercise for compliance to cover their own arses.
In fact it's worse than that in some ways as I had an investment advisor who bought and sold stuff and I don't know if I have records of what exactly.
>It wasn't in cash. It was in equities to a large extent. But they still ask for the source.
And saying "gift from dead parents" wasn't enough to placate them? They wanted receipts? I get asked about source of funds all the time, but I don't think I've ever been asked to provide proof.
How it works, I'm in the UK, is the government passed a law saying lawyers are responsible for knowing the source of fund and can be fined if they don't do it. It isn't really spelled out how you are supposed to prove the source. In the end I found some paperwork from a more recent source of funds and used that. It's not very organised - they just want some bit of paper in their files saying source was x in case the government has a go at them.
The proof I did use - a more recent inheritance, I could probably use multiple times as there doesn't seem any check on you doing that. The system is not very organized.
I've had to provide proof for relatively small amounts. AML regulations are intentionally vague, so different reporting entities tend to interpret them in their own ways.