Source of Wealth (SOW) and Funds (SOF): Examples of Appropriate Information and Supporting Documentation

Source of funds/wealth
Information / Documents that may be required
Employment Income
  • Nature of employer's business
  • Name and address of the employer
  • Annual salary and bonuses for the last couple of years

  • Last month/recent pay slip

  • Confirmation from the employer of annual salary

  • Latest accounts or tax declaration if self employed

Savings / depositsBank statement and inquiry of the source of wealth
Property Sale
  • Details of the property sold (i.e. address, date of sale, sale value of property sold, parties involved)
  • Copy of contract of sale
  • Title deed from land registry
Sale of shares or other investment
  • Copy of contract
  • Sale value of shares sold and how they were sold (i.e.name of stock exchange)
  • Statement of account from agent
  • Transaction receipt/confirmation
  • Shareholder’s certificate
  • Date of sale
Loan
  • Loan agreement
  • Amount, date and purpose of loan
  • Name and address of Lender
  • Details of any security
Company Sale
  • Copy of the contract of sale
  • Internet research of Company Registry
  • Name and Address of Company
  • Total sales price
  • Clients’ share participation
  • Nature of business
  • Date of sale and receipt of funds
  • Media coverage
Company Profits / Dividends
  • Copy of latest audited financial statements
  • Copy of latest management accounts
  • Board of Directors approval
  • Dividend distribution
  • Tax declaration
Inheritance
  • Name of deceased
  • Date of death
  • Relationship to client
  • Date received
  • Total amount
  • Solicitor’s details
  • Tax clearance documents
Gift
  • Date received
  • Total amount
  • Relationship to client
  • Letter from donor explaining the reason for the gift and the source of donor’s wealth
  • Certified identification documents of donor
  • Donor’s source of wealth
Maturity/surrender of life policy
  • Amount received
  • Policy provider
  • Policy number/reference
  • Date of surrender
Other income sources
  • Nature of income, amount, date received and from who
  • Appropriate supporting documentation
NOTES:
▪       Whilst, in normal circumstances, the requested documentation mentioned in the table above will be sufficient for KYC purposes, in the event that such documentation or particular case itself reveals other issues or risks during the KYC process, then we reserve the right to request further documentation as is reasonably necessary to properly fulfill our duties to be in strict compliance with all applicable laws and regulations
▪       Certain personal documents of the Client might need to be Certified or have Apostille depending on the determined risk of the Client during Compliance process.