Source of wealth/source of funds – your questions answered

The Solicitors Regulation Authority (SRA) recently acknowledged the level of confusion among professionals regarding the precise distinction between the concepts of ‘wealth’ and ‘funds.’ They have indicated their intention to issue updated guidance to clarify their interpretation of these terms.

In the interim, we must proceed with the current understanding of these terms, though many may still have questions about the difference between the two concepts, the extent to which we need to conduct inquiries, and whether corroborative evidence is required to verify the information provided.

This webinar aims to address these questions and provide clarity on the matter.

Topics covered include:

• What is the difference between Source of Wealth and Source of Funds?
• Which should come first?
• What do we do about clients we have known for years?
• What records do we need to keep?
• What evidence do we need – is 6 months bank statements sufficient?
• When can we stop?