Anti Money Laundering
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Does Your AML File Review Actually Test Source of Funds?
“Source-of-funds documents on file: yes.” What does that answer actually establish? It may confirm that bank statements were collected. It does not explain whether anyone investigated the money’s origin, considered unusual entries or reached a reasoned conclusion about the funds being used for the purchase. The SRA’s guidance on AML policies, controls and procedures, published…
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Six AML Policy Gaps Conveyancing Firms Should Check
Conveyancing firms’ anti-money laundering (AML) policies often lack clear guidance on handling unusual transactions or new technologies, despite SRA regulations. Lexsure’s audits reveal discrepancies between written procedures and practice. To enhance compliance, firms must regularly review and update their AML documentation, ensuring staff have practical instructions and consistent processes for various scenarios.