At Lovell Chohan Solicitors we are committed to protecting our clients, both existing and new, from the fraudulent use of their names and addresses by criminals for money laundering purposes.
Money Laundering is the way in which criminals disguise money they make from their crimes. ‘Dirty’ money is turned into clean funds by introducing it into the banking and financial services systems, making it harder to detect and confiscate. This money is often used to fund further crimes. Since 1994, all banks, building societies and other businesses providing financial services have put procedures in place to stop criminals and terrorists from laundering money.
The first step in the laundering process is for criminals to get their money into an account with a bank or building society, often using a false identity and address.
To stop this, we often must have proof of identity and address from you before you instruct us. This does not mean that we suspect you of money laundering, but we are required by law to have evidence to show that you are who you say you are and that you live at the address you say you do.
These procedures ensure we are not only complying with the law, but are also doing our best to protect all of our clients.