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New Compliance Notice: Source of Funds and Source of Wealth

12 June, 2024

Given the nature and focus of the services which CLC practices offer and their risk profiles, as well as events such as the war in Ukraine which has highlighted the flow of suspicious money from high-risk jurisdictions into the UK property market, there is a heightened scrutiny in relation to the measures CLC practices implement to safeguard against being exploited by criminals.

Inspections and monitoring of CLC practices between 2021 and 2023 revealed consistent concerns about how source of funds and source of wealth are scrutinised, as well as how these concepts are understood and implemented. The purpose of this advisory note is to address those concerns and provide some clarity in this critical area.

Read the Compliance Notice

Use the Anti-Money Laundering Toolkit