Source of funds/source of wealth: Knowing the difference and best practices
With the similarity of their nature and how they overlap, not to mention how often they are mentioned in the same breath, it can easily lead to confusion when trying to remember which is which between source of funds and source of wealth.
Related articles
-
ArticleTransaction monitoring: How we can do better
While the requirement to undertake transaction monitoring evolved because of AML legislation, its importance has been magnified and reinforced by increased regulatory attention and significant fines.
-
ArticleWebcast Q&A: Managing correspondent banking relationships
Correspondent banking is a vital part of the global economy, but when incorrectly managed can present considerable financial crime risks.
-
ArticleFive considerations for a transaction monitoring system
Transaction monitoring is an area constantly in the spotlight. David Povey of the International Compliance Association explains five key monitoring considerations for anyone managing or working within financial institutions.
More from Risk Management
-
ArticleRapid regulatory change requires investment in compliance processes in financial services firms
Geopolitical instability and a general focus on increasing growth and productivity by governments worldwide are causing a slew of regulatory changes in the financial services sector. But most firms are failing to identify potential compliance changes early enough to make meaningful decisions.
-
ArticleCompliance should protect firms from AI-washing investigations and insurance claims
Insurance firms are warning that AI-washing could trigger a slew of cases against directors, and are adjusting their directors’ and officers’ liability premiums accordingly. With regulators cracking down on AI-washing, compliance could be a crucial line of defense and save companies on their insurance costs.
-
News BriefAI hallucinations in Deloitte Australia report highlight important role for compliance
“Hallucinatory” citations and errors in an AI-assisted report produced by Deloitte for the Australian government should be a wake-up call for compliance officers about the risks of placing too much trust in AI.