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Hi,
If a company director took out a directors loan to tie over a personal property purchase (until their existing one was sold) what would be the expected AML check (excluding ID checks)?
My understanding is the conveyancer would be obliged to check:
1. the money has come from the company name in question.
2. the transaction was sent from the company account to the personal sort/account if some aspect of (1) was vague.
I believe these are unreasonable:
1. asking to see a statement history of the company account - (not relevant)
2. asking to see a statement history of the personal account - (not relevant)
Does this seem correct?
Regards,
Alex
If a company director took out a directors loan to tie over a personal property purchase (until their existing one was sold) what would be the expected AML check (excluding ID checks)?
My understanding is the conveyancer would be obliged to check:
1. the money has come from the company name in question.
2. the transaction was sent from the company account to the personal sort/account if some aspect of (1) was vague.
I believe these are unreasonable:
1. asking to see a statement history of the company account - (not relevant)
2. asking to see a statement history of the personal account - (not relevant)
Does this seem correct?
Regards,
Alex
