Buying a house is something that most people do because they want a place where they can live. However, there is a darker side to the UK property market, and it is one that has links to criminal activities. Because the housing market in the UK is fairly stable it is seen as a good investment to put money into. However, the same thing hasn’t escaped the notice of criminals who earn their money illegally in various ways – from human trafficking to drug dealing.
Of course, they will want to hide where that money came from and buying property is something that has been seen as a good way to do this. This is why there are now checks known as an AML identity check like this w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks/ (AML stands for anti money laundering) now in place in the UK.
As well as when buying a house, they also apply to other things that money launderers target, such as opening up a bank account. When you go to do this nowadays, you will be asked to provide various details about yourself to ensure that you are not money laundering.
You need to prove who you are – this can be done by providing bills such as utilities, as well as photographic identification such as passports and driving licences.
You also need to provide proof that you have the money to buy the property as well as the proof of where that money is coming from. This can be done by getting letters from people who are loaning or gifting you money, and by getting bank statements.
