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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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…