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Source of Funds

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Source of Wealth and Source of Funds - Examples of Appropriate Information and Supporting Documentation:

Employment Income

  • Nature of the employer's business
  • Name and address of the employer
  • Annual salary and bonuses for the last couple of years
  • Last month/recent payslip
  • Confirmation from the employer of annual salary
  • Latest accounts or tax declaration if self-employed

Savings/deposits

  • Bank statement and inquiry of the source of wealth

Property Sale
  • Details of the property sold (i.e. address, date of sale, the sale value of the property sold, parties involved)
  • Copy of contract of sale
  • Title deed from the land registry

Sale of shares or other investment
  • Copy of contract
  • Sale value of shares sold and how they were sold (i.e.name of the stock exchange)
  • Statement of account from agent
  • Transaction receipt/confirmation
  • Shareholder’s certificate
  • Date of sale

Loan
  • Loan agreement
  • The amount, date, and purpose of the loan
  • Name and address of Lender
  • Details of any security

Company Sale
  • Copy of the contract of sale
  • Internet research of Company Registry
  • Name and Address of Company
  • Total sales price
  • Clients’ share participation
  • Nature of business
  • Date of sale and receipt of funds
  • Media coverage

Company Profits / Dividends
  • Copy of latest audited financial statements
  • Copy of latest management accounts
  • Board of Directors approval
  • Dividend distribution
  • Tax declaration

Inheritance
  • Name of deceased
  • Date of death
  • Relationship to client
  • Date received
  • Total amount
  • Solicitor’s details
  • Tax clearance documents

Gift
  • Date received
  • Total amount
  • Relationship to client
  • Letter from the donor explaining the reason for the gift and the source of the donor’s wealth
  • Certified identification documents of donor
  • Donor’s source of wealth

Maturity/surrender of life policy
  • Amount received
  • Policy provider
  • Policy number/reference
  • Date of surrender

Other income sources
  • Nature of income, amount, date received, and from who
  • Appropriate supporting documentation

NOTES:


▪ Whilst, in normal circumstances, the requested documentation mentioned in the table above will be sufficient for KYC purposes, if such documentation or the particular case itself reveals other issues or risks during the KYC process, then we reserve the right to request further documentation as is reasonably necessary to properly fulfill our duties to be in strict compliance with all applicable laws and regulations
▪ Certain personal documents of the Client might need to be Certified or have Apostille depending on the determined risk of the Client during the Compliance process.

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