Accepting black(or illegal) and white money?

As an wealth management company, who maintains AND manages a pool of its clients’ money (i.e buys / sells stocks and other kinds of investment vehicles) on behalf of their clients: 1. Is it required to scrutinize whether the money the client(s) is depositing is black(or illegal) or white ? 2. If yes , how to do that checking? What are the consequences of accepting black money ? How am I going to be penalized for that?