Of wealth and funds: back to the source

Understanding the source of a client’s wealth and the source of funds are key components of an organisation’s due diligence and thus of its broader money laundering prevention strategy. However, although these terms are used in legislation and guidance, they are not defined and, writes Gary Evans of Follow The Money, anecdotal evidence suggests that the line between the two can sometimes become blurred in practice. So, what do we actually mean by source of wealth and source of funds and what can an organisation do in practical terms?