Source of Funds Checks: Evidence and Scrutiny for Law Firms
Collecting bank statements is one part of a source-of-funds investigation. The file should also explain the proposed funding, assess the supporting evidence and record how material inconsistencies or changes were addressed.
These articles examine source-of-funds scrutiny in conveyancing, including gifts, third-party contributions, changed payment arrangements and the quality of internal file reviews.
Do your files explain where the money came from?
An independent AML audit can examine whether the funding explanation, evidence and recorded decisions support one another, and whether changes were recognised at the appropriate stage.
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Developer-Referred New-Build Purchases: Who Controls the AML Checks?
The post discusses the importance of thorough AML investigations in new-build and off-plan property transactions. It emphasizes that familiarity with a development does not negate the need for proper client assessments. Developers’ recommendations shouldn’t dictate AML decisions, and each transaction requires careful scrutiny of funding sources and obligations.
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Your CMRA Says “High Risk”. What Happened Next?
The text discusses the importance of effective client and matter risk assessments in conveyancing, emphasizing that merely having a risk rating is insufficient. It outlines the need for documented procedures linking risk evaluations to appropriate actions, enhanced due diligence, and monitoring, ensuring that operational decisions are informed by identified risks and compliance with SRA guidance.