Understanding Source of Wealth & Source of Funds

Understanding Source of Wealth & Source of Funds

Source of wealth and source of funds are a key component of Customer Due Diligence. In order to understand the customer activity, collecting information (and depending on the risk, collecting the supporting documentation) together with the source of wealth and source of funds, will also assist in determining the customer risk assessment.

 

Source of wealth and source of funds are to be considered among the key elements of customer risk assessment and risk management for certain customers. The source of wealth assessment seeks to identify how a customer accumulated their wealth and the source of funds information provides the subject person with the understanding of how and for what purpose the activity will be funded.

 

The session will go through what constitutes a source of wealth and source of funds, it will provide practical examples on how to determine these as part of the AML requirements, and it will also provide examples of administrative measures taken regarding source of wealth and source of funds.

 

Programme

 

15.00 – 15.30 – Registration and welcome coffee

15.30 – 16.00 – Defining Source of Wealth and Source of Funds

16.00 – 16.45 – Practical examples of Source of Wealth & Source of Funds

16.45 – 17.00 – Coffee break

17.00 – 17.30 – Obtaining Source of Wealth Information related to Parties other than the Customer

17.30 – 17.45 – Administrative Measures related to Source of Wealth & Source of Funds

17.45 – 18.00 – Questions from the floor

 

Speakers:  Click here to see the speakers’ profiles

 

Fees: Members – €50 + VAT; Non-members – €75 + VAT

 

Venue: Avenue 77 Business Centre, Triq in-Negozju, Zone 3, Central Business District

 

Tickets

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IFSP Member Rate
59.00
40 available
Non Member Rate
88.50
35 available
Details
12th March 2024 15:00 - 12th March 2024 18:00
Avenue 77
Triq in- Negozju, Zone 3
Central Business District
Mriehel, Malta
Ms Lindsey Busuttil
IFSP
events@ifsp.org.mt
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