There are lots of things that need to be done when you buy a property and it can feel as if it is one lot of paperwork after another at times. However, the documentation and the legal side of buying a property is very important – it means that the ownership of the property and the deeds are transferred legally into your name, that surveys on the property can be done so that you know what you are buying and also to reduce the criminal activity which sometimes happened in the property market, not just in the UK but in other countries.
When you buy a house now, you will need to make sure that you can provide documentation. As well as confirming that you are who you say you are and that your address and other information is right (this is known as an AML ID check like this www.w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks ) you also will be asked to provide evidence of where the money to buy the property is actually coming from.
This is because buying a property is how many money launderers in the past would clean their money. Once the money was in property, it would be very difficult if not impossible for the authorities to trace where it had some from, meaning that these kinds of activities could often continue as there was no evidence that police could use to catch them.
Therefore, checks like this were put into place in order to stop money laundering and the associated problems that inevitably go along with it.
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