Money enters into the market and is passed around as a way of paying for services and goods. We use money in its hard form and also in electronics. The use of plastic and now wallet pay, utilising your mobile phone, has allowed the process to be quicker and easier than ever before. However, how do you know where the money you are spending has come from? The practice of money laundering is a difficult crime to spot. It’s why we need to have an AML ID CHECK like those from www.w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks to ensure our safety.
Money laundering is the practice of taking cash earned through criminal activities and trying to turn it into a legitimate source. One of the most common ways of doing that is through a mortgage. For example, finding the deposit for a house is difficult at the best of times. It can take years of saving, help from Government schemes or even parents to get there. However, someone who comes to a mortgage lender with a full deposit or even looks to buy the house outright is treated with a degree of suspicion if they cannot prove where it came from. If it was an ill-gotten gain, then the sale of the house can suddenly make it legitimate.
There are certain checks and balances to stop this. First of all, the Mortgage Advisor will question the people requesting a mortgage and where the deposit came from. Proof may be required. Secondly, you cannot buy and then immediately sell a property. You have to have owned it for six months before it can be put up for sale or seek consent to lease.