Anti-Money Laundering · glossary
How the people behind a client came to have their money at all. The family says the trust’s £12 million came from selling the settlor’s family company in 2021. The firm needs the sale papers to prove it. Source of Funds and Source of Wealth Log, paragraph 1 · Chapter 6 · see Source of funds
Explained in Chapter 6, Source of Funds and Source of Wealth Checks, of Anti-Money Laundering.
Source of funds means the accounts the money for this purchase comes from, and how it reached them. Source of wealth means how the people behind the client came to have their money at all. The first follows one payment, and the second explains a whole fortune.Read Chapter 6, Source of Funds and Source of Wealth Checks →
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