The Source of Wealth is an important part of client due diligence. To comply with KYC/AML regulations we are required to gather source of wealth information from each individual that is part of a new setup.

To ensure a quick turn around time for the entity incorporation, it is best to provide as much detail as possible.

Types of Source of Wealth

Below are a number of examples of source of wealth and what can be provided. The ones marked with a * are mandatory:

Inheritance of a family fortune

• Entire amount *
• Relationship *
• Date it was received *
• Date of death
• Name of deceased
• Solicitor’s details
• Tax clearance documents

Employment

• Nature of employer’s business *
• Name and address of the employer *
• Annual salary and bonuses for the last couple of years *
• Last three months /recent payslip (this will depend on the relevant regulation)
• Latest accounts or tax declaration if self-employed

Profit from company sale

• Name and Address of Company *
• Total sales price *
• Clients’ share participation *
• Internet research of Company Registry
• Nature of business
• Sale date and the receipt of funds
• Copy of the contract of sale
• Media coverage

Investing

• Type of Investment *
• Total Profit Amount *
• Number of Investments
• Tax Paid

While the * information is most important, it does always help to provide additional information if it is available.