Bank asking KYC/AML, am I in deep trouble?
Over the last couple of years, my business has performed very well. However, my reported income and profits do not accurately reflect the funds that have been accumulated. I have been transferring funds from the company account to my personal accounts, resulting in good amount personal savings
My bank has recently contacted me as part of its KYC and source-of-funds review process and has indicated that my personal account may be temporarily restricted if I am unable to provide a satisfactory explanation regarding the source of the funds.
My intention is to regularise the position, make full disclosures where necessary, and pay any tax, interest or other amounts that may be due, which I anticipate going to be £100k+. I have a complete paper trail showing the movement of funds from the business account to my personal accounts, and the savings can be traced directly to income generated by my business.
At this stage, I am unsure about the best way to proceed and I am indeed very stupid at doing this. Any suggestions or I'm in deep trouble regardless?