At Le Gallais & Luce we are legally required to ensure that any funds received from a client or on a behalf of a client are from credible sources. To assist you, we have put together some examples of documents that we may accept in order to confirm your source of funds and source of wealth. Where funds for a transaction are provided by a third party, we may need to make further enquires.
“Source of funds” is the activity, which generates the funds for a relationship e.g. a client’s occupation or business activities. Information concerning the geographical sphere of the activities may also be relevant.
“Source of wealth” is distinct from source of funds, and describes the activities, which have generated the total net worth of a person both within and outside of a relationship, i.e. those activities that have generated a client’s funds and property. Information concerning the geographical sphere of the activities that have generated a client’s wealth may also be relevant. **
*, ** JFSC AML/CFT Handbook for the Legal Sector Part I Section 3 – Identification Measures: Overview
In order to complete our due diligence requirements you may be asked to provide evidence of your source of funds and/or source of wealth. Please have this information and documentary evidence of the same to hand as any delay in providing such documentation may result in Le Gallais & Luce being unable to complete the required transaction or the withdrawal of all our legal services.
Information on your Occupation and Income (i.e. wages, bonus)
- An original or certified copy of a recent pay slip
- Written confirmation of annual salary detailing your position at the firm signed by your employer
- Certified copy of contract of sale
- Written confirmation of sale signed by advocate/solicitor on their headed paper by the firm who acted in the transaction e.g. completion statement
Sale of Investments
- Original or certified copy of contract note(s)
- Written confirmation of sale/holding signed by accountant/broker
- Original or certified copy of Will/Grant of Probate/Letters of Administration
- Written confirmation of inheritance signed by advocate /solicitor/trustee/executor
- Original or certified copy of contract of sale
- Written confirmation of sale signed by advocate/solicitor/accountant
- Internet search of Company Registry
- Original or certified copies of any relevant minutes
- Original or certified copy of court order
- Written confirmation of settlement signed by advocate/solicitor
- Statement from the savings institution and proof of source of wealth
- Evidence from the lottery company
- Winnings’ receipt
Should you have any difficulty in obtaining the above documentation in order to support source of funds and source wealth for a particular transaction, then please contact us to discuss.