A new Source of Funds (SoF) training programme could help conveyancing firms navigate what its developers describe as “one of the most complex and anxiety-inducing areas of AML compliance”.
Tom Lyes Consultancy and compliance specialists HiveRisk launched SoF in Focus to give conveyancing teams “practical guidance and greater confidence” when dealing with SoF enquiries in live matters.
Practical sessions cover topics including how to ask effective SoF questions, how to position SoF with clients and when issues should be escalated internally. How to properly evidence decisions for compliance and audit purposes and the role of technology are also covered.
According to its creators, training sessions include real-world scenarios, role play exercises and open discussion and can be tailored to different audiences within a firm, including onboarding teams, fee earners and compliance professionals. SoF in Focus is available as both virtual and in-person training.
Tom Lyes, founder Tom Lyes Consultancy, said:
“SoF is one of the areas that conveyancers often find the most difficult. Even firms with strong compliance processes can struggle with consistency and confidence when dealing with clients about their finances.
“SoF in Focus was created to address that challenge directly. By combining practical operational conveyancing experience with HiveRisk’s structured compliance framework, we’ve built a training programme that gives teams clear, usable guidance they can apply immediately.”
Kate Burt, founder and CEO, Hive Risk, added:
“We’re really pleased to be working with Tom on SoF in Focus.
“SoF is one of the areas where firms often feel the most uncertainty, particularly when trying to balance regulatory expectations with client relationships.
“Through this collaboration we’re aiming to give teams practical guidance and the confidence to handle those conversations well, while ensuring their decisions are properly documented and defensible.”
Before launching his consultancy, Lyes spent four years helping to develop SoF technology solution Armalytix, working closely with law firms, compliance teams and senior leadership. He says this experience shaped the design of the training programme, which focuses on the practical realities of dealing with SoF enquiries under regulatory pressure.
Lyes says the collaboration with HiveRisk ensures the programme is also grounded in a “structured risk methodology aligned with regulatory expectations, providing firms with a consistent framework for assessing and evidencing decisions”.
