Source of Funds and Source of Wealth

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. *

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 examples of documentary evidence to hand as any delay in providing the same may result in us being unable to complete the required transaction or withdraw all of 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 with the position help signed by an employer

Property Sale

  • Certified copy of contract of sale
  • Written confirmation of sale signed by advocate/solicitor e.g. completion statement

Sale of Investments

  • Original or certified copy of contract note(s)
  • Written confirmation of sale/holding signed by accountant/broker

Inheritance

  • Original or certified copy of Will/Grant of Probate/Letter of Administration
  • Written confirmation of inheritance signed by advocate /solicitor/trustee/executor

Company Sale/Dividend

  • 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

Divorce Settlement

  • Original or certified copy of court order
  • Written confirmation of settlement signed by advocate/solicitor

Savings

  • Statement from the savings institution and proof of the source of wealth

Lottery/ Gambling win

  • Evidence from the lottery company
  • Cheque
  • Winnings’ receipt

Should you have any difficulty in obtaining the above information to support the Source of Funds and Wealth, then please contact us to discuss.

 

*  JFSC AML/CFT Handbook for the Legal Sector Part I Section 3 – Identification Measures: Overview