In this episode of The ANL Clinic, we dive into one of the most critical and often misunderstood areas of financial crime prevention: the difference between source of funds and source of wealth.

We explore a real Solicitor Disciplinary Tribunal case involving a politically exposed person, a £1.1 million transaction and a £1.9million transaction, and serious gaps in due diligence.

Key takeaways:

• Why distinguishing source of funds vs source of wealth matters
• The risks of relying on third-party assurances
• How compliance failures can lead to disciplinary action

SRA | Thematic review of source of funds and wealth compliance | Solicitors Regulation Authority

In this episode of the AML Clinic podcast, host Michelle Clement interviews Christopher Christou, a solicitor who shares his experiences with SRA AML inspections. The conversation covers the emotional journey of receiving an inspection notice, the preparation involved, and the importance of compliance in law firms. Christopher discusses the challenges of running a small firm, the role of technology in compliance, and the need for a culture of compliance within teams. The episode concludes with myth-busting in AML compliance, emphasising the importance of diligence and awareness in the legal profession.

Links

SRA | Guidance on our firm inspections | Solicitors Regulation Authority

SRA | Sole practitioners' and small firms' use of technology and innovation | Solicitors Regulation Authority

In this episode of the AML Clinic, Michelle Clement and Graham Mackenzie discuss the critical issue of money laundering in law firms. They explore the vulnerabilities within legal services, particularly in conveyancing, the role of trust and company service providers (TCSPs), and the implications of tax advice. The conversation also addresses the risks associated with probate and busts the myth that firms without client accounts are not at risk of being used for money laundering. The episode emphasizes the importance of understanding the source of funds and the impact of legal work on local communities.