Even if you're just gifting part of a deposit to a friend or family member we need to run a few checks once we're buying homes again.
We're legally obliged to run most of these checks. They help us make sure we comply with laws for Anti Money Laundering (AML) and Know Your Customer (KYC). It's nothing to worry about though, they're all very simple.
Here's a list of checks we'll need to do if you're a giftor:
Address verification
Identity verification
Check where the money you're gifting has come from
We only ever use trusted and secure third parties to do these checks. For example, Open Banking.