Text for AML Update Service
AML Update: Source of Wealth Update
Purchase this policy: Anti-Money Laundering Policy
- 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
…
To view the full text: