Verifying the source of funds
To satisfy sections 23(a) and 24(1)(b) of the AML / CFT Act 2009, you are required when undertaking enhanced customer due diligence to take reasonable steps to verify the source of funds of the client.
Unsure about what documentation to use to verify the source of funds? To make your job easier, Strategi has developed a list of documents that could potentially be used.
| Possible sources of funds | Examples of evidence |
|---|---|
| Business income | Copies of latest audited company accountsBank statements showing sources of business revenuePersonal tax summaries (PTS) |
| Employment (e.g. salary, wages, bonuses, business activity etc) | Copies of payslipsBank statements displaying source of income and/or showing regular payments from an employerPersonal tax summaries (PTS) |
| Gifts | Letter from a solicitorStatutory declaration from the giftor |
| Rental income | Tenancy agreementBank statements showing regular rent payment from tenant |
| Sale of property | Sale and purchase agreementLetter from solicitor/accountant |
| Sale of shares | Contract note |
| Loan drawdown | Loan agreementLoan statement |
| Inheritances | Letter from solicitorWill and probate |
For further information please contact Strategi Compliance.