ON-DEMAND WEBINAR

Following the Money: Overcoming Obstacles in Source of Wealth Checks

Identifying a client’s source of wealth (SoW) has long been a challenge for financial institutions. While there are clear regulatory expectations for banks to perform SoW checks, often there is a lack of guidance on how they should be performed, as well as difficulties obtaining the relevant data due to a lack of transparency on asset ownership.

Meanwhile, a regulatory push to impose stringent data privacy regulations have made it increasingly difficult to corroborate information provided by clients. Yet, given the risk of criminal activity and money laundering risk a financial institution can be exposed to, and potential regulatory penalties for non-compliance, SoW checks remain a critical part of KYC and customer due diligence processes.

In this webinar, we discuss the challenges APAC banks face when conducting SoW checks, and best practices for addressing these challenges, including the sources of information that can be useful for corroboration.

Our panellists will also discuss the need to gain efficiency in due diligence processes, as well as the importance of human intervention to obtain difficult-to-access information.

On the agenda:

Regulatory expectations on SoW checks; APAC trends
SoW due diligence in China & Hong Kong; Wealth Connect impacts
Unique challenges with property, land, and cryptocurrency
Combining data and human intelligence to improve due diligence processes
Best practices for corroborating information obtained from clients

Event info

Format: On-Demand Webinar

Link: To be provided after registration

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OUR SPEAKERS

BRAD MACLEAN

Co-founder

Regulation Asia

BETH EPSTEIN

RDD Proposition Director

Refinitiv, an LSEG Business

DILIPKUMAR VARMA

Director, APAC Regional Head, AML CDD Advisory & KYC Program

MUFG

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