Covered in this Briefing Note:

To protect themselves against dirty money flows, firms across the financial services industry, including in investment management, must be able to establish that their customers’ wealth comes from legitimate sources. When acted upon appropriately, Source of Wealth (SoW) and Source of Funds (SoF) checks enable banks to stop money laundering in real-time.

The Wolfsberg Group released a document of Frequently Asked Questions to help financial institutions carry out thorough SoW and SoF checks on higher risk customers.

In this Themis briefing note we analyse this best practice guidance and explain why it is important to uncover where money comes from as part of a comprehensive due diligence process.