Why do I have to prove my identity?
Providing your ID documentation is necessary to complete all the legal services that we provide for you.
We are required by law to obtain identification and verify the documentation.
Please note that until we have received all necessary supporting information and documentation from you, we will not be able to progress with your work/transaction or accept funds into our client account.
The ID documentation review can safeguard you against fraud, such as identity theft.
At what point do I need to provide my ID?
Legally your lawyer can't undertake any work on your behalf until the identification review is commenced. Which is why it is important for you to ensure its in place so you lawyer can work on your legal matter.
You will receive instructions on how to send your information digitally or if that’s not possible how we will work with your assistance get the required documents in place.
Do I have to visit your offices with my documentation?
No. You can use our digital onboarding service provide by Legl. Your lawyer will explain how it works and what you need to do. This will make the process easy and smooth for you. Using the secure digital option means you can complete and send the all documentation from your mobile device or computer.
Are there any special requirements for business clients?
For business clients, we are required to identify beneficial owners and controllers. Limited companies must provide evidence of the identity and address for at least one director, as well as a list of the names and addresses of senior shareholders. This can be done on our digital onboarding service; your Lawyer will explain how it works and what you need to do.
I have use LCF Law before, why can’t you use what I previously sent?
Where we can, we will do so, but there may be changes to your circumstances since we last undertook work for you, such as change of address, or the time period since we last worked with you, means the documentation we have for you is out of date and is no longer considered valid ID documentation.
We have secure digital onboarding service to enable you to refresh your documentation smoothly and easily. Your Lawyer will explain how it works and what you need to do.
Why do you ask for my financial information?
There are strict rules issued by the government to protect society from financial crimes such as money laundering.
Under the Money Laundering Regulations (MLRs) we are obliged to verify the source of funds or wealth being used to contributed towards your matter.
This means providing your Lawyer with documentation which shows where the funds are but also other related documents such as payslips, evidence of related sales or documents relating to inheritances.
It is important that you provide the documents to your Lawyer as quickly as possible and also that you are fully open and transparent with them.
Please note that until we have received all necessary supporting information and documentation from you, we will not be able to progress with your work/transaction or accept funds into our client account.
You will receive instructions on how to send your information digitally or if that’s not possible how we will work with your assistance get the required documents in place.
If the source of funds changes during the transaction, then you must let us know immediately and confirm what the alternative source will be, along with the relevant evidence to demonstrate this
Dependent on the legal service we are providing or advising you on there are two types of financial review we may undertake, Source of Funds and/or Source of Wealth.
Source of Funds (SOF)
This refers to the origin of the funds being used. Whether you’re buying a property, setting up a business, or contracting for investments, we are required to review how the funds are coming together to progress your matter.
What kind of documentation might we ask for when conducting Source of Funds (SOF) review?
Here are some common examples:
Bank statements
Providing recent bank statements showing the source of the funds is a standard requirement. This helps us trace the money trail and ensure it’s coming from a legitimate source. Depending on the circumstances, we may ask to see 3, 6 or even 12 months’ worth of bank statements.
And…we may need to make further requests for information arising out of our review of your bank statements. For example, if there are large and/or regular deposits into your account.
Pay slips
If the funds are from your employment income, we might ask for pay slips or employment contracts to verify your income.
Inheritance documentation
If you’ve inherited money or assets, we may request documentation to support this. This could be, for example, a letter from solicitors or executors.
Sale of assets
If you’ve sold property, stocks, or other assets to obtain the funds, we’ll need documentation proving the sale and transfer of ownership.
Gift deeds
If the funds are a gift from a family member or friend, we’ll need a gift deed or letter confirming the source of the gift and any conditions attached to it. We will also need to prove the source of the funds being used to provide the gift.
Cash
Where your bank statements show large sums of cash or multiple smaller payments of cash, we will need additional proof from you as to where that cash has come from.
Payments from outside of the UK
We are unable to accept payments from certain countries due to the high money laundering risks associated with those countries. If you intend to use funds that have originated from outside of the UK, make sure to let us know right away and so we can check on your behalf, any legal issues or costs increases that may result from monies you have accumulated in those designated countries.
Source of Wealth (SoW)
This financial review is more holistic, it will cover assets, investments, income streams, and other financial resources. It help us get a clear picture of your financial background and assess any risks tied to your wealth for the legal service we are acting in for you.
Dependent on the work to be undertaken we might ask for documents like:
Property ownership documents: If you own properties or real estate, we’ll need proof of ownership and value.
Investment portfolios: if you have investments in stocks, bonds, crypto currency or other financial instruments? We’ll ask for statements and/or certificates to verify them. We will also review the platform and methodology used to generate the return on these investments.
Business ownership: If you’re a business owner, we’ll need company documents, financial statements, and proof of ownership.
Tax returns: Providing recent tax returns helps us understand your income sources and financial activities over time.
Trust deeds: If you have assets in a trust, we’ll need documentation outlining the terms and beneficiaries of the trust.
These requests are essential for ensuring protection to all parties involved. Your cooperation in providing accurate and complete information helps us to serve you better and uphold the integrity of our legal services.
How do I get my documents to you?
Our Digital onboarding can significantly enhance your experience with our law firm by streamlining the entire process and making it more convenient for you. With digital onboarding, you can complete all necessary documentation and verification without the need to visit our offices. This not only saves you time but also ensures that your information is securely processed through advanced our digital tools.
Our digital onboarding platform allows you to:
- Upload and verify your ID documents.
- Send your financial information safely and securely
This seamless process helps us start working on your legal matters promptly, ensuring that there are no delays due to incomplete documentation.
Moreover, digital onboarding enhances the security and accuracy of your information. By using advanced technologies like biometrics and NFC document verification, we can ensure that your identity is verified accurately and securely. This reduces the risk of fraud and identity theft, providing you with peace of mind.
This digital approach not only makes the onboarding process smoother for you but also helps us maintain the highest standards of compliance and security.
Ask your Lawyer to explain how it works and what you need to do to benefit from our digital onboarding services.
If you have any questions or need further clarification, please do not hesitate to contact us. We are here to assist you every step of the way. Thank you for choosing our firm. We look forward to working with you.
