Tag: Source of Funds
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Independent AML Audit: Is Your Firm Prepared for the 2027 FCA Takeover?
Robust anti-money laundering (AML) controls are critical for law firms. The SRA emphasizes practical compliance over mere documentation. A Reg 21 Independent AML Audit is essential for assessing risks, due diligence, and governance. As scrutiny intensifies, firms should prioritize these audits to foster a culture of compliance and avoid FCA sanctions.
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Navigating the New “Source of Funds” Standards in Reports on Title
The “Report on Title” has always been a cornerstone of client communication. However, a significant shift is occurring in how we report on one of the most sensitive areas of a transaction: Source of Funds (SoF). The days of simply seeing a bank statement and ticking a box are over. Recent updates to industry guidance—including…
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The AML compliance gap no one wants to talk about
In the field of anti money laundering, many lawyers fall into the trap of conflating source of funds with source of wealth. They treat them as a single requirement when they are in fact two distinct obligations. One is a forensic look at a specific pot of money. The other is a holistic assessment of…
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Beyond the Bank Balance: Mastering the Art of Source of Funds
During most Independent AML Audits that I conduct, proof of funds and source of funds are often treated as the same thing. In reality, they are very different. Confusing the two is a common mistake that can expose firms to unnecessary regulatory scrutiny. As professional standards evolve, the CLC and SRA are making it increasingly…
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SRA Cracks Down on Financial Crime: Whiteheads Case Study
The Solicitors Regulation Authority fined Whiteheads Solicitors £2,584 plus costs for failures in compliance with anti-money laundering regulations. Key issues included inadequate client risk assessments and poor scrutiny of fund sources. This case underscores the necessity for law firms to ensure rigorous application of AML policies to avoid penalties.
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AML Source of Funds: SRA Refers Firm and Former Partner to SDT
The Solicitors Regulation Authority has referred law firm Candey to the Solicitors Disciplinary Tribunal over matters dating back to June 2015. The regulator has simultaneously decided to also refer the firms former partner Richard Morris to the SDT. The SRA has confirmed the certification of a case to answer concerning allegations related to events from May…
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Top Ten Important Changes to Reports on Title 2017
In the last twelve months the conveyancing fraternity witnessed significant changes to Part 2 of the UK Finance Mortgage Lenders’ Handbook. This, combined with the press and government focusing a spotlight on leasehold, resulted in firms considering how they should upgraded their Report on Title . In response to lender changes and in anticipation…