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Source of Wealth and Source of Funds: Unpacking the latest guidance on effective controls
Access this recording to understand Source of Wealth and Source of Funds regulatory requirements, discover how effective controls can be implemented, and hear from our experts on what best practice due diligence throughout the customer lifecycle involves.

Source of Wealth (SoW) and Source of Funds (SoF) regulatory compliance is a challenging and time consuming process for financial institutions. In particular, the guidance around the level and detail of the supporting documentation required, and if and when corroboration is necessary, can be unclear and open to interpretation. With the risk of supporting criminal activity and regulatory action for non-compliance ever present, SoW and SoF compliance is a critical part of the due diligence process to get right.

To offer guidance to the industry, the Wolfsberg Group recently published a set of FAQs that outline how financial institutions can identify, mitigate and manage the money laundering risks of dealing with customers through appropriate SoW and SoF checks.

During this webinar, we will:

  • Define Source of Wealth and Source of Funds and why they are a critical part of due diligence
  • Unpack the Wolfsberg FAQs - what can we take away from the guidance?
  • Discuss the challenges being faced by different players in the industry
  • Explore what approaches banks can take to mitigate risk
  • Take a look at what best practice looks like
Event info
Format:  On-demand webinar


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Jamil Ahmed
Managing Director - Chief Compliance Officer, HSBC

Jamil Ahmed is the current Chief Compliance Officer at HSBC Singapore. He is a member of various industry taskforces and initiatives across Singapore focusing on anti-money laundering, terrorist financing, sanctions and fraud. Jamil is a Steering Group member of Singapore’s AML/CFT Industry Partnership (ACIP) and other taskforces/working groups established through the Association of Banks in Singapore (ABS) covering various financial crime themes.

Jason Tan
Partner, KPMG

Jason Tan is a Partner leading the Financial Crime segment within KPMG Singapore’s Forensic Practice. He has extensive experience leading anti-money laundering reviews, fraud and corruption investigation and dispute advisory engagements across several industries with a focus on the financial institutions, insurance, chemicals and manufacturing sectors. His country of experience includes China, Indonesia, Hong Kong SAR, Taiwan, India, Vietnam and Malaysia. Prior to joining KPMG Forensic in 2007, Jason was with the KPMG Audit practice for three years.

Jason was involved in two of the working groups of the Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) and has assisted numerous banks and other financial institutions with the remediation of AML/CFT issues since 2010. 

Haeyoeun Seo
Risk Solutions Consultant, Refinitiv

Haeyoeun is Refinitiv’s Risk Solutions Consultant based in Hong Kong office. Haeyoeun works with financial institutions and global corporations across the region to manage a wide array of AML/ABC risks. She also managed numerous pre-transactional projects across industries and jurisdictions including IPO and M&A, helping clients making informed decisions related to potential and existing investments.

Haeyoeun is a certified anti money laundering specialist and has received legal trainings in England.

Phil Malcolm
Head of Market Development, Risk, Refinitiv

As Regional Performance Director, Risk, APAC at Refinitiv, Phil has regional responsibility for driving the execution of the Risk strategy Asia wide.

Phil is a certified Anti Money Laundering Specialist, (CAMS) and has worked on a broad range of compliance solutions in Tier 1 and Tier 2 institutions, corporates and Government. Prior to joining Refinitiv Phil was with Oracle Financial Services where he was the Leader, Financial Crime and Compliance for the JAPAC region.

He has vast experience working in a variety of solution sales and sales management positions focusing on compliance in financial services. He has gained extensive knowledge dealing with a wide range of firms around RegTech, AML, KYC, Sanctions, Conduct Risk, Fraud, Supply Chain Risk and Trade Finance AML.