Lexsure Knowledge Hub
Makes available the latest paragraphs for you to consider including in your AML Update Service.
text for AML Update Service:
AML Update: Source of Wealth Update
Change Date : 11/07/2024 | Word Count: 133 | Deployment Measure : 8/10
Rationale:
An important update further clarifying obligations and extent of sources of wealth. This wording warns against diluting investigations based on an existing relationship (including family and friends).
SoW refers to the origin of a client’s entire body of wealth i.e., total assets. SoW 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
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