Being asked for identity or source-of-funds information can feel intrusive, especially when you are unfamiliar with the purchase process.
Spanish anti-money-laundering legislation covers relevant property-intermediation businesses. These obligations are not exclusive to agents using the API designation. The checks required depend on the circumstances and the business's legal obligations.
If you receive a request, ask what information is needed, why it is being requested and how you should provide it securely. Different participants in a transaction may need their own checks, so an earlier request from your bank does not necessarily complete the agent's or lawyer's process.
Prepare to explain the origin of your funds with appropriate records. Do not send identity documents or financial statements to an unverified address, and avoid putting them into a public forum or general website enquiry form.
A document request is not, by itself, an accusation. It can be part of the checks needed to handle a transaction properly.
Quick answers
Why do estate agents in Spain ask for proof of funds?
Relevant property professionals must carry out anti-money-laundering checks. Ask what is needed and how to provide it securely.
What is the difference between proof of funds and source of funds?
Proof of funds concerns available money; source of funds concerns where that money came from. The required evidence depends on the transaction and checks.
How should I securely send documents for a Spanish property purchase?
Use a secure method confirmed directly with the professional. Avoid unverified addresses, public forums and a general enquiry form for sensitive documents.
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