SOURCE OF WEALTH AND SOURCE OF FUNDS FAQ

On 7 August, the Wolfsberg Group – an association of 13 global banks which aims to develop frameworks and guidance for the management of financial crime risks – has published a set of FAQ on how financial institutions can identify, mitigate and manage money laundering risks by undertaking source of wealth and source of funds checks on relevant customers, when appropriate and/or required by applicable regulation. Such checks are to be considered among the key elements of customer risk assessment and risk management for certain customers.

https://www.wolfsberg-principles.com/sites/default/files/wb/Wolfsberg%20SoW%20and%20SoF%20FAQs%20August%202020%20%28FFP%29_1.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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