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.
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
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