When purchasing a property with a large sum of money, it is common practice for solicitors or estate agents to conduct an AML check (Anti-Money Laundering check) to prevent fraud and money laundering. The purpose of the AML check is to gather enough evidence to confirm the source of funds.

Yes, it is.

It is mandatory by law to conduct an AML check, as the property industry is vulnerable to fraudulent activities due to the large sums of money involved. If the source of the funds cannot be verified, the transaction may not proceed.

Your solicitor or agent takes this responsibility very seriously and requires ALL CLIENTS to provide proof of the source of funds as part of the verification process.

It is your responsibility as the client to provide as much evidence and information as possible to ensure the source of funds can be verified.

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

AML regulations are mandated by both national and international authorities, and law firms and financial institutions are required to screen and monitor clients' funds as part of these regulations.

Rest assured, when using Checkboard, your credentials are not stored. The login process happens in your bank app or website, and Checkboard only receives a digital bank statement to verify the source of funds and ensure authenticity of the information.

Checkboard offers a government-backed Open Banking technology that allows you to access your statements digitally in minutes, eliminating the need for paper bank statements.

If you do not have Open Banking or prefer to provide source of funds evidence through bank statements, you can upload photos or PDFs in your Checkboard app. (However, some solicitors may not allow for this option)

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