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Receiver looking for KYC (know your client) documents!

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  • 19-06-2019 6:02pm
    #1
    lucast2007us
    Registered Users Posts: 801 ✭✭✭


    Hi guys spoke to our solicitor today she said the receivers she is dealing with are looking for KYC documents which apparently stands for "know your clients".

    Aparantly to protect against money laundering they are looking for these documents.
    Our solicitor said that the estate agent would be the one to collect these and pass onto the receivers.

    Has anybody any experience with this before?
    Or what documents are involved?
    Thanks


Comments

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    #2
    Mrs OBumble
    Registered Users Posts: 25,941 ✭✭✭✭Mrs OBumble


    What is your role in this - buyer, tenant, bankrupted?


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    #3
    lucast2007us
    Registered Users Posts: 801 ✭✭✭lucast2007us


    Mrs OBumble wrote:
    What is your role in this - buyer, tenant, bankrupted?

    Sorry meant to say I am the buying party.


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    #4
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    This is completely standard and nothing to worry about.


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    #5
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Your solicitor deals with anti money laundering. Receivers are under no obligation to go behind your solicitor.


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    #6
    juke
    Registered Users Posts: 1,673 ✭✭✭juke


    4ensic15 wrote: »
    Your solicitor deals with anti money laundering. Receivers are under no obligation to go behind your solicitor.

    Obligation - no, none at all, but they do anyway nonetheless, it's very annoying and time consuming.


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    #7
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    juke wrote: »
    Obligation - no, none at all, but they do anyway nonetheless, it's very annoying and time consuming.

    It is a breach of the data protection Act. Complain.


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    #8
    juke
    Registered Users Posts: 1,673 ✭✭✭juke


    4ensic15 wrote: »
    It is a breach of the data protection Act. Complain.

    Risk there is that the receiver refuses to go ahead. Complain sure - cause a delay at minimum and risk losing the purchase altogether.

    Law Society are their usual lukewarm in their guidance:
    These practices being introduced are unusual and not customary in this jurisdiction. Such practices may deter purchasers, reducing the pool of potential buyers and adversely affect the price achievable.

    These are not practices supported by the committee.

    https://www.lawsociety.ie/gazette/legal-analysis/kyc-and-aml-requirements-of-certain-funds-operating-in-the-irish-market/


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    #9
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    juke wrote: »
    Risk there is that the receiver refuses to go ahead. Complain sure - cause a delay at minimum and risk losing the purchase altogether.

    Law Society are their usual lukewarm in their guidance:



    https://www.lawsociety.ie/gazette/legal-analysis/kyc-and-aml-requirements-of-certain-funds-operating-in-the-irish-market/

    Sue for loss of bargain. If you are going to bend over and take it from a receiver,you will be doing it all your life.


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    #10
    juke
    Registered Users Posts: 1,673 ✭✭✭juke


    4ensic15 wrote: »
    Sue for loss of bargain. If you are going to bend over and take it from a receiver,you will be doing it all your life.

    Yeah, easy to say to a first time buyer anxious to secure their first home :rolleyes:


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    #11
    Sonny noggs
    Closed Accounts Posts: 1,523 ✭✭✭Sonny noggs


    4ensic15 wrote: »
    Sue for loss of bargain. If you are going to bend over and take it from a receiver,you will be doing it all your life.

    OP, this is why legal advice is not allowed on here. Ignore this tripe.


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