Collecting bank statements from a buyer is not the same as establishing source of funds.
In the final episode of AML Uncovered, Phil Spencer and Coadjute CEO Dan Salmons examine one of the most misunderstood areas of AML compliance, and one that HMRC looks at closely during an audit. They cover the distinction between proof of funds and source of funds, what a plausible and properly evidenced story actually looks like, and the circumstances in which enhanced due diligence becomes necessary.
If you don't understand the money, you don't understand the risk.
To discuss how this applies to your own transactions, speak to a member of the Coadjute team.