When handling an estate following a loved one’s passing, Anti-Money Laundering (AML) checks might not be top of mind.

However, they play a crucial role in ensuring that assets are managed lawfully, protecting both the estate and its beneficiaries.

AML checks are a standard part of the probate process, helping to prevent financial crime and safeguard the integrity of the estate.

Why are AML checks necessary?

AML rules are designed to stop criminals from using legitimate legal processes, like probate, to hide illegal funds.

The probate process often involves dealing with significant assets, such as property, investments and cash, making it an area susceptible to misuse.

While AML checks may seem daunting, they’re a simple way to ensure everything is handled properly. As long as you manage the estate correctly, these checks will be straightforward.

What do AML checks involve?

AML checks are typically done early in the probate process to prevent delays later on. They can involve checking:

  • Personal representatives (executors or administrators) handling the estate
  • Beneficiaries, especially when substantial sums or higher-risk factors are involved
  • The deceased, to ensure the assets are legitimate

In practice, AML checks generally include verifying your identity, often through documents like a passport or driving license and confirming your address. You may also need to provide original or certified copies of key documents:

  • Death certificate
  • Will (if one exists)
  • Grant of Probate
  • Letters of Administration (if applicable)

How does the process work?

At the beginning of the probate process, a solicitor will explain the AML requirements and what documents you’ll need to provide.

If the estate involves substantial assets, like property or large cash sums, additional evidence might be required to show how the funds were generated, such as bank statements or sales documentation.

AML checks are ongoing throughout the probate process, ensuring that all transactions remain compliant.

Staying compliant with AML regulations

AML compliance is increasingly important in the legal sector. Though this may mean more detailed checks, it’s nothing to worry about.

We are here to guide you through each step, ensuring a smooth process and reducing any unnecessary disruptions.

If you have questions about AML checks during probate, get in touch with our specialist probate team at Rotherham Taylor today.