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What Anti-Money Laundering (AML) checks can you expect during the probate process?

When managing someone’s estate after they pass, the thought of anti-money laundering procedures may not even cross your mind.

However, Anti-Money Laundering (AML) checks are a crucial part of protecting an estate and its beneficiaries.

They can help ensure assets are administered lawfully and reduce the risk of the probate process being misused for financial crime.

The process may sound intimidating but as long as you handle an estate legitimately, it can be straightforward.

What can you expect from AML checks?

AML rules exist to prevent criminals from disguising the proceeds of crime through legitimate legal processes.

The probate process often involves dealing with large sums of money, property and investments, which makes it an area of inherent risk.

Most AML checks are completed at the outset to avoid delays later in the probate process.

Depending on the circumstances, checks may be carried out on:

Personal representatives, such as executors or administrators, who are managing the estate
Beneficiaries, particularly when large sums are involved or higher risk factors are identified
The individual who has passed, to ensure the assets being administered are legitimate

However, these checks are not as scary as they seem and typically include verifying your identity with your passport or driving license and confirming your address.

You will also usually be asked to supply original documents or certified copies to confirm your identity and role in the estate.

You may also need to present:

The death certificate
The Will (if one exits)
The Grant of Probate
Letters of Administration

How does the process work?

At the start of your meeting, a solicitor will explain the AML obligations and outline exactly what information and documentation is required from you.

If the estate involves significant assets, such as property sales or large cash balances, you may be asked to provide evidence showing how the funds were generated.

This could include bank statements or documentation relating to asset sales.

AML checks do require ongoing monitoring of transactions so that the distribution of estate remains compliant.

How to keep your finances compliant

Anti-Money Laundering (AML) compliance is set to become a far more prominent regulatory focus for the legal sector and you may face more detailed AML checks as a result.

However, AML checks are not something to worry about and we can help guide you through each step and what is required of you.

Wills and estate planning is stressful enough and we are here to help reduce disruption during a difficult time.

To learn more about AML checks during the probate process, contact our team today.

Rachel Blackburn

Head of Wills, Probate and Older Client Services

I joined Mander Hadley’s Wills, Probate and Older Client Services Team in 2018.I specialise in the preparation of Wills, Probate and estate administration, trusts and trust administration and Lasting Powers of Attorney. I also have experience of care fee planning and appeals of Continuing Health Care decisions.

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