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.
“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 will 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.
Depending on the circumstances of your transaction, we may ask for one or more of the below:
Information on your Occupation and Income (i.e. wages, bonus)
- Original written confirmation of annual salary (and/or any bonuses) detailing position held, time of employment, signed (“wet signature”) by your employer/HR Manager accompanied with a recent pay slip.
- If no longer working (retired), please let us know a history of your past employment with any accompanied evidence if possible.
- Statement from the savings institution.
- Certified copy of contract of sale; or
- Original or certified copy confirmation of sale signed (“wet signature”) 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); or
- Original confirmation of sale/holding signed (“wet signature”) by accountant/broker.
- Original or certified copy of Will/Grant of Probate/Letters of Administration; or
- Original confirmation of inheritance signed (“wet signature”) by advocate /solicitor/trustee/executor.
- Original or certified copy of contract of sale; or
- Original confirmation of sale signed (“wet signature”) by advocate/solicitor/accountant; and/or
- Original or certified copies of any relevant minutes.
- Original or certified copy of court order; or
- Original confirmation of settlement signed (“wet signature”) by advocate/solicitor.
- Confirmation from the lottery company; and
- Winnings’ receipt; with
- Corresponding evidence of payment into your bank account.
- Written Gifting Letter to be provided from third party making the gift, for sample letter, please go to https://www.lgl.je/wp-content/uploads/2019/07/gifting-letter.docx.
- Documentary evidence of the source of funds and source of wealth of the third party making the gift will be required.
- Third parties gifting funds towards a transaction will also be asked to provide their due diligence, for more information please refer to the guidance on Client Identification – Individual: https://www.lgl.je/client-identification-individual/.
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.