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SOF - Auction matters

Change Date : 11/07/2024    |    Word Count: 60    |    Deployment Measure : 8/10
8/10

Rationale:

You should be concerned about the quality of source of funds checking carried out by auction houses who would send the purchase monies on to us. It was unclear whether under Regulation 27 this triggered an obligation to conduct fresh CDD checks on the source of funds for such purchases, the policy of the firm is to run new checks.
You should be concerned about the quality of source of funds checking carried out by auction houses who would send the purchase monies on to us. It was unclear whether under Regulation 27 this triggered an obligation to conduct fresh …

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