Source of Wealth and Source of Funds
Session 8 in a suite of regulatory updates for 2024 the session will focus on the current position with regard to source of wealth and source of funds enquiries. An essential part of preliminary enquiries that firms need to make as part of the AML onboarding process these questions may seem cheeky, but they are regarded as mandatory by the SRA.
Learning Objectives:
- What AML onboarding challenges face a law firm
- What questions we need to be asking and when to ascertain our ability to act
- Source of Wealth and Source of Funds enquiries
- What records are required?
- Where do we keep the records we do make?
- The importance of Ongoing Monitoring
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Trevor Hellawell
CEO • ExL Practice Development
Trevor Hellawell is a solicitor and legal training and management consultant working with major law firms, local law societies, many legal training providers and other clients. Until going freelance in 1999 he was a full time lecturer with the University of Law, ending his career as a Principal Lecturer at the York Branch. Until recently returning to the freelance arena, he was Head of Law Programmes at BPP.
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