Summary

This course delves into the process of verifying the Source of Wealth (SoW), a critical aspect of AML compliance. Participants will explore methods for identifying legitimate sources of client wealth to prevent financial crimes. The course provides detailed insights into SoW documentation, risk-based approaches, and red flags that could indicate suspicious activity. Case studies enhance understanding of how SoW issues manifest in real-world scenarios. The training emphasises the importance of due diligence and compliance in safeguarding financial institutions.

This course is one of several courses within both the Certificate in Anti-Money Laundering and the Certificate in Know Your Customer. If you wish to achieve either of these awards, you must complete this course along with all other mandatory courses in the associated learning plans

Audience

Course Objectives

• Understand the importance of verifying the source of wealth in financial services

• Identify methods and documents used to verify a customer’s source of wealth

• Apply a risk-based approach to assessing source of wealth

• Recognise common red flags that may indicate money laundering or suspicious activities

• Learn best practices for documenting and reporting source of wealth verification

Course Structure

• Section 1: Introduction to Source of Wealth verification

• Section 2: Why verifying Source of Wealth is critical in AML

• Section 3: Methods and Documents used for verifying Source of Wealth

• Section 4: Applying a Risk-based Approach to Source of Wealth

• Section 5: Common Red Flags in Source of Wealth verification

• Section 6: Best practices for Source of Wealth verification and documentation

• Section 7: Case Studies

• Knowledge Evaluation

Duration & CPD Hours

This course should take you between 45 and 90 minutes, depending upon your pace of learning. Additionally, this course is accredited by The CPD Certification Service and carries 1.5 CPD hours.