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Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return.
Is there any reason why he can not just set up a UK bank account please?
No not really.
May I ask why?
He was waiting until his business was up and running and our solicitors made out everything was fine to pay into my account. They asked him for every piece of ID possible and ID from me although they are my commercial solicitors toos. They said everything was ok then the received the funds and then delayed for coupdl of days asking for more ID and thenthey said their compliance department couldnt pay into another account! They have had the money in their acct now for a week. We need the money by Wednesday this week for a purchase to go through. Its a bit late to open an acct now for wednesday. What can he do? There is also an agreement that he signed compiled by the party paying him the money owed so everything has been above board. Please assist.
If you have been through the money laundering ID process then these is NO REASON why they can not pay it into your account.
The Solicitors rules relating to this are are: http://www.sra.org.uk/solicitors/handbook/accountsrules/part4/content.page
In particular rule 15.1 states:
Client money may be:
held by you outside a client account by, for example, retaining it in the firm's safe in the form of cash, or placing it in an account in the firm's name which is not a client account, such as an account outside England and Wales; or
paid into an account at a bank, building society or other financial institution opened in the name of the client or of a person designated by the client;
but only if the client instructs you to that effect for the client's own convenience, and only if the instructions are given in writing, or are given by other means and confirmed by you to the client in writing.
If they refuse you can raise a complaint with the Solicitors firm, there will be a partner that deals with complaints on behalf of the firm and you should ask about this process.
A partner will investigate and if the matter is not resolved you can then complain to the Regulator, which is the Solicitors Regulatory Authority.
They are located at: www.sra.org.uk or 0121 329 6800
I can only suspect compliance is unwilling because of money laundering regulations.
However if the firm has promised you this before and you have provided with your idenitifcation then they have no reason not to allow the transfer as the Solicitor rules allow it.
Can I clarify anything for you about this today please?