Source of Funds Regulations

Source of Funds Verification Regulations

Last Updated     20 Dec 2024

Source of Funds Precautions

As part of our obligations under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, we must verify both the Source of Funds (SoF) and Source of Wealth (SoW) for your transaction. These checks are essential to ensure that the funds involved are legitimate and that we fully understand how you have accumulated your wealth over time. This helps us comply with legal requirements and protect both you and our firm.

Source of Funds refers to where the purchase funds are held/coming from such as

• Sale proceeds from a previous property.

• Savings or personal income.

• Financial gifts from third parties.

The Source of Wealth refers to how you obtained the funds originally such as

• Inheritance.

• Investments and asset portfolios.

• Payslips and stock pay-outs.

If you choose the Electronic ID Check you will also need to complete the Electronic Source of Funds check to automatically verify the source of your funds. Where you choose the in-person ID route this information cannot be collected automatically and you will need to provide the information yourself. Both processes are detailed below.