- August 27, 2023
- Posted by: legaleseblogger
- Category: Related News
### Saving from University
During my time at university in country **x**, I managed to save approximately £15K.
### Limbo Period
After accepting a job offer in the UK, I had several months of uncertainty before actually moving here. It didn’t make sense for me to keep my savings in country **x** since banking would become more difficult once I lost my resident status.
### Foreign Reserve Shortage
Country **y**, my country of birth, was experiencing a shortage in foreign reserves at that time. As a result, the guaranteed return on foreign currency fixed deposits was incredibly high, exceeding 9%. However, due to not being a resident of country **y** as an adult, I couldn’t open an account remotely.
### Transferring Funds
To navigate this situation, I transferred my £15K to my parents in country **z**. They then placed £10K in a fixed deposit in country **y** while holding onto the remaining £5K for me in their account in country **z** (which had a better interest rate than mine).
### Transfer to the UK
Upon moving to the UK earlier this year, I requested my parents to transfer the £5K to me, so I could utilize it for my FY23 LISA allowance. The transfer went through smoothly without any complications.
### AML Check Concerns
Given that receiving over £10K is highly uncommon for me as a recent graduate, I am concerned about triggering an Anti-Money Laundering (AML) check or potential funds block. Although none of the countries involved are under sanction, I worry about the threshold for further scrutiny.
### Addressing AML Concerns
If this is indeed a concern, I wonder whether it would be prudent to inform my receiving bank (HSBC) in advance or alternatively, have the necessary documents ready as proof in case my funds are frozen and questioned. In the latter case, I assume I would need to present my payslips to establish the source of the money and bank statements illustrating the transfers from country **x** → **z** → **y** → UK.
### Document Challenges
It’s worth mentioning that the bank my parents use in country **y** is outdated in terms of online banking, even by South Asian standards. This means they might have to request paper statements to obtain proof of the transfers. I aim to avoid any potential delays since the deposit matures a few weeks before the LISA contribution deadline for FY24, which I certainly don’t want to miss.
## Question 1
Considering the concerns outlined above, should I be worried about triggering an AML check or fund block when my parents transfer approximately £11K to me once the deposit matures? I am apprehensive that crossing the five-figure threshold may lead to further scrutiny.
If this is indeed a concern, should I take proactive measures by informing my receiving bank (HSBC)? Alternatively, would it be sufficient to have relevant documents ready as evidence in case my funds are frozen and questioned? Additionally, am I correct in assuming that I would need to provide payslips as proof of the money’s origin, as well as bank statements demonstrating the transfers from country **x** → **z** → **y** → UK?
An additional complication arises from the fact that the bank my parents use in country **y** is not up to date in terms of online banking, even by South Asian standards. This might necessitate obtaining paper statements through mail, which could potentially lead to delays. It is crucial to accomplish the transfer before the deposit matures, as it aligns with the LISA contribution deadline for FY24 that I must meet.
## Question 2
Are there any other declarations or formalities that I need to fulfill in this scenario? While I understand that there are no concerns pertaining to Capital Gains Tax (CGT) since my parents made the gain and are effectively gifting me the £11K, does this mean I would exceed the £3K gift allowance?
I’m unsure about the workings of the gift allowance because if these transfers are considered part of it, then the previous £5K transfer has already exceeded the allowance for FY23. Could I potentially resolve this issue by having my parents transfer the funds to my account in country **z** before subsequently transferring them to myself in the UK?
I apologize for the extensive text; I wanted to ensure that all relevant context is provided. It’s frustrating that the government’s resources on these matters lack clarity, especially given the significant number of immigrants likely facing similar circumstances. One would expect measures to simplify the process of bringing foreign assets for spending, saving, and investing in the UK!
## How AI Legalese Decoder can help with the situation
AI Legalese Decoder can assist in navigating the concerns related to potential AML checks and fund blocks arising from receiving a significant amount of money. By processing the provided information, it can generate tailored advice and recommendations specific to this situation. The AI can help in preparing the necessary documents to prove the legitimacy of the funds, such as payslips and bank statements. Additionally, it can provide guidance on the most appropriate course of action, whether it involves informing the receiving bank in advance or having the essential documents ready for potential scrutiny. AI Legalese Decoder aims to simplify complex legal matters and provide clarity in contexts where specific regulations and guidelines may not be readily available.
AI Legalese Decoder: Simplifying Legal Jargon, Easing Understanding, and Enhancing Efficiency
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