Establishing the source of funds and source of wealth—guidance table for staff
Establishing the source of funds and source of wealth—guidance table for staff

The following Practice Compliance precedent provides comprehensive and up to date legal information covering:

  • Establishing the source of funds and source of wealth—guidance table for staff

This table ties together source of funds and source of wealth requirements and recommendations contained in the Money Laundering Regulations 2017 (MLR 2017), as amended, the SRA’s risk assessment, and draft Legal Sector Affinity Group (LSAG) AML Guidance for the Legal Sector, published in January 2021, which awaits HM Treasury approval. Note that further or different guidance may be issued by other regulators.

SituationSource of fundsSource of wealthRequirement/recommendedSource
Establishing a business relationship with a PEPRequiredMLR 2017, SI 2017/692, reg 35(5)(b)
In relation

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