Source of wealth and source of funds
Where a customer’s overall wealth came from, and where the money in a particular transaction or relationship came from.
Source of funds concerns the money at hand: the account it came from and how it got there. Source of wealth is the bigger picture: how the customer came to have their wealth at all, through a business sale, an inheritance or a career.
Both are central to enhanced due diligence, and supervisors look for corroboration in the file, not just the customer’s account of it.
Where the rules use it.
- GFSC Handbook on Countering Financial Crime (AML/CFT/CPF)The Bailiwick's AML/CFT/CPF rules and guidance for financial services businesses and prescribed businesses, issued under the Criminal Justice (Proceeds of Crime) regulations.Guernsey · 8 controls
- JFSC AML/CFT/CPF HandbookHandbook for the prevention and detection of money laundering, terrorist financing and proliferation financing under the Money Laundering (Jersey) Order 2008.Jersey · 8 controls
- Isle of Man AML/CFT Code 2019The Anti-Money Laundering and Countering the Financing of Terrorism Code 2019, with the FSA's AML/CFT Handbook as guidance.Isle of Man · 8 controls