WEBINAR: Source of Funds & Wealth 2024

It is reported that organised crime costs the UK economy more than £100bn every year. For legal and property firms, conveyancing plays a considerable role in deterring money laundering cases.

With Source of Funds (SoF) and Source of Wealth (SoW) checks both a mandatory requirement for legal and property firms, Conveyancers are showing it is possible to tackle the financial crime increase at one transaction point.

Our partnership with Armalytix has created an effortlessly customer experience to conduct faster and more effective SoF and SoW checks that provide greater insights and reduce your risk in transactions.

We hosted a session with Tom Lyes, Head of Legal at Armalytix, and Kate Burt, Founder of HiveRisk, on Source of Funds & Wealth: Top Tips and Guidance on Wednesday 21st February 2024. Highlights from the webinar include:

  • Expectations from regulators: with a focus on The Law Society of Scotland guidance on funds derived from Crypto
  • Navigating complex challenges: key principles, common pitfalls, issues and risks with Source of Funds
  • Technology Insights: How can technology help with the Source of Funds process
  • Expert panel discussions: A common question from the audience was whether costs be passed onto clients. Tom Lyes states, “There is nothing to stop firms charging for AML as a fee, but they would need to include a paragraph in their terms of business. They can also show it as a separate fee and VAT on the fee note.” 

To view the presentation, click here.

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