A report prepared by the Lexsure Compliance Audit team last week revealed that only one in 20 firm audited by Lexsure in 2022 had any Source of Wealth Declaration Forms completed on their conveyancing files. Of the firms that did have such forms, they were correctly advising clients that all supporting documents attached to the form need to be recent and relevant, i.e. issued or certified not earlier than three months prior to completing Declaration Form. Understanding the Source of Wealth of conveyancing clients is a critical step in managing financial crime risk. Source of Wealth refers to the origin of a client’s entire body of wealth (i.e., total assets). It should describes the economic, business and/or commercial activities that generated, or significantly contributed to, the client’s overall net worth/entire body of wealth. This should recognise that the composition of wealth generating activities may change over time, as new activities are identified, and ...
This blog is for CQS accredited firms in England and Wales. Including topics like the Conveyancing process, Conveyancing Policy Templates and Conveyancing case law. As it contains everything about conveyancing and conveyancers it should be of particular interest to property lawyers and property solicitors, as well as COLP and Compliance Managers.