By law, any transactions with a large sum of money dealt with by a solicitor or estate agent must go through an AML check (Anti-money laundering check).

This check involves gathering sufficient evidence to understand where the money originated from. Solicitors and agents must do this by law as it helps stop fraud and helps fight against money laundering.

This is why, as part of your verification we require your financial information in order to verify that the funds have been accumulated legitimately.

Yes, it is.

Proving the source of funds is a regulatory requirement as the property industry is very vulnerable to fraud due to the large sums of money exchanged between various parties.

If the source of the funds you are using towards the purchase of a property cannot be proven, the transaction may not be able to proceed.

Be assured solicitors and agents take their obligations regarding the source of funds seriously as they are required to do so by law.

ALL clients are required to provide proof of source of funds, and it is the client's responsibility to do so.

We always prefer that you provide as much evidence and information as possible to prove the source of funds as this can be a complex process sometimes. This will also allow your agent and solicitor's source of funds requirements to be met.

AML is a process of verifying a person's identity before they transfer or invest money to ensure it is legitimate.

Both national and international authorities mandate AML regulations, which place a wide range of screening and monitoring obligations on financial institutions and law firms. The legal industry requires its clients' funds to be verified as part of checks.

Companies sometimes request paper bank statements, which can take a lot of time and effort.

Checkboard offers government-backed Open Banking technology, which allows you to access your statements digitally in minutes.

We also understand that some people do not have Open Banking or prefer to provide a source of funds evidence through bank statements instead. That is why you can also upload photos or PDFs in your Checkboard app as well.

Regulated by the Financial Conduct Authority (FCA) - the same regulator as high street banks - Checkboard ensures your financial data is handled safely and securely.