Why We Ask for Source of Wealth Information
As a law firm, we are required in some circumstances under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT) to verify not only your identity but also the origin of your wealth.
This helps ensure that funds used in transactions are legitimate and reduces the risk of money laundering or other illicit activity.
What Does Source of Wealth Mean?
Source of Wealth refers to how you accumulated your overall wealth, not just the funds for a single transaction.
Examples include:
- Proceeds from property sales
- Business income or company profits
- Inheritance or gifts
- Investments and returns
- Historical financial arrangements such as loans
Why Is This Important?
We need to build a clear picture of:
- How your first significant asset was acquired
- How your wealth has grown since then (e.g., through property sales, investments, or business activities)
What You Need to Provide
Please complete the Source of Wealth Template we have provided. Include:
- Details of your first significant asset and how it was funded.
- A summary of wealth growth since that point.
- Sale and purchase agreements.
- Payslips or employment confirmation.
- Investment statements.
- Trust deeds or wills.
- Bank statements showing relevant transactions.
- Any other supporting documents.
Next Steps
- Complete the Source of Wealth Template provided.
- Attach supporting documents for each stage of wealth accumulation.
- Return the completed form and documents to us as soon as possible.
- If you have any questions, contact your legal advisor.