What is money laundering?
Money laundering is what criminals use to give the proceeds from their criminal activities the appearance of being legitimate. Criminal proceeds are "cleaned up" by various means and then fed back into the financial system after a series of transactions designed to disguise their origin.
Anti Money Laundering Regulations
L&Q is required by law to comply with UK Anti Money Laundering Regulations (AML Regulations). Whether you are a new or existing customer, we may therefore need to confirm your identity.
We may do this by:
- asking you to provide originals of paper identity evidence,
- and check your identity electronically by us using a reference agency to search sources of information relating to you. (This will not affect your credit rating)
Regulations and supervision
The AML Regulations apply to many organisations. It is a criminal offense not to comply with the requirements and heavy fines or even prison sentences of up to fourteen years can be imposed under the Proceeds of Crime Act.
We have put in place systems and controls to reduce the risk of being targeted by money launderers.
You can find out more about money laundering and money laundering regulation on the GOV.UK website.