​Verifying the source of funds

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​Verifying the source of funds

AML/CFT

Published: 16 March 2021

Tags: Professional development AML/CFT Training Risk assessment AML/CFT programme Customer Due Diligence

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 fundsExamples of evidence
Business income
  • Copies of latest audited company accounts
  • Bank statements showing sources of business revenue
  • Personal tax summaries (PTS)
Employment (e.g. salary, wages, bonuses, business activity etc)
  • Copies of payslips
  • Bank statements displaying source of income and/or showing regular payments from an employer
  • Personal tax summaries (PTS)
Gifts
  • Letter from a solicitor
  • Statutory declaration from the giftor
Rental income
  • Tenancy agreement
  • Bank statements showing regular rent payment from tenant
Sale of property
  • Sale and purchase agreement
  • Letter from solicitor/accountant
Sale of shares
  • Contract note
Loan drawdown
  • Loan agreement
  • Loan statement
Inheritances
  • Letter from solicitor
  • Will and probate

For further information please contact Strategi Compliance.