bank details

[dannyday5821]

Im buying a flat and paying in cash. The estate agent has asked for evidence that i have the funds available to pay for it which i am happy to show. However, they insist on keeping the paper work which includes current account details on file. They have said they would delete my account number, sort code etc. but i am extremley uncomfortable that they need to keep this info at all. Why would they need to do this?!

[B00]

Is there anyway you can photocopy your paperwork, with the account numbers etc, covered up and give them that?

[jno]

those details are on the bottom of every cheque you write. I wouldn't worry too much.

[ChuckFickens]

I recently had to do the same and I done as B00 said, blanked out the numbers with a black marker and then photocopied them and handed over the copies.

[kempie]

Estate Agents must adhere to the Money Laundering Regulations 2007 which includes record keeping ...

http://www.oft.gov.uk/advice_and_resources/res ource_base/legal/money-laundering/

[terambulan]

Don't give the paper proof......they'll call in IR. The agents either want to sell (get their commission) or not!

None of the agents b business where you get the money but if you don't have it when the deal is closed you can be sued.

[kempie]

The OFT have powers to take enforcement action against those businesses that fail to put in place the anti-money laundering systems and controls. They have powers to take prosecutions (unlimited fines and or a prison term of up to two years) and to impose civil financial penalties for breaches of the regulations.

By definition, this very much makes it estate agents' business to ascertain "where you get the money".

[Eve]

Many professions are now bound by anti money laundering and mortgage fraud regulations, in a sense, used to help police the system.

Some info here...

http://www.oft.gov.uk/shared_oft/business_leaf lets/general/Money-laundering-summary.pdf

They will want to keep it to show they have records of checking to reduce any liability on them should it turn out someone was involved in money laundering etc...

Could you get your bank to confirm funds by letter rather than providing bank statements?

[R1Geezer]

just bypass the parasites and deal with the owner, the owner can give them their commission. I never tell them anything. In the end they want to sell property, end of. It's something I've learnt in middle age.