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. **

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

 

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)

Savings

Property Sale

Sale of Investments

Inheritance

Company Sale/Dividend

Divorce Settlement

Lottery/Gambling win

Gifts

 

 

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.