Webinars by Practice Area
e-CDD, e-KYC and source of wealth enquiries
Recorded on: 03/02/2023
Law firms have long had to undertake Customer Due Diligence (CDD) and, until recently, most have relied upon the tried-and-trusted method of clients coming into the office with passports and utility bills. This is now considered outdated and more modern techniques exist to streamline and simplify the whole process. But the SRA has made clear that lawyers must make and record enquiries as to the clients’ source of wealth – as distinct from their source of funds. What exactly does that entail?
This webinar will cover the following:
- Amendments to the AML regulations relating to technological advances
- Is eIDV good enough in itself?
- What else do I need to do in addition?
- Source of funds enquiries
- Source of wealth enquiries – what should I be asking?
- How do I justify such intrusive enquiries?
- What records are required?