Source of Wealth Explanation

Source of Wealth Explanation

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

  1. Entire amount *
  2. Relationship *
  3. Date it was received *
  4. Date of death
  5. Name of deceased
  6. Solicitor’s details
  7. Tax clearance documents

Employment

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

Profit for company sale

  1. Name and Address of Company *
  2. Total sales price *
  3. Clients’ share participation *
  4. Internet research of Company Registry
  5. Nature of business
  6. Sale date and the receipt of funds
  7. Copy of the contract of sale
  8. Media coverage

Investing

  1. Type of Investment *
  2. Total Profit Amount *
  3. Number of Investments
  4. Tax Paid
While the * information is most important, it does always help to provide additional information if it is available. 

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