First AML conducts customer due diligence on behalf of its clients, collecting your information on their behalf, and this will often involve requesting Source of Wealth/Funds information.
Under the AML/CFT legislation, a Reporting Entity will often be required to obtain information relating to the source of funds or wealth of their customer (you).
The information is required in order to prove how a person or an entity acquired its funds or wealth and to make sure it came from legitimate sources. Whether Source of Wealth information is required depends on a number of criteria, and it is a very common thing for us to request.
Depending on where your wealth/funds originates from, will depend on the types of relevant evidence you can provide.
Please liaise with your assigned First AML Analyst if you are unsure what evidence is sufficient.
TABLE OF CONTENTS
- Why are we asking you for source of funds or wealth?
- What could be provided for proving source of wealth/funds?
- There are two options you can choose from when providing your source of wealth/funds information:
- Where in the Legislation does it state I need to send through evidence of my Source of Wealth/Funds?
Why are we asking you for source of funds or wealth?
First AML is an Agent for Reporting Entities – we conduct customer due diligence on their behalf.
You are currently being on-boarded by one of First AML’s Reporting Entity clients, so First AML is conducting customer
due diligence including collection of source of funds or wealth evidence.
What could be provided for proving source of wealth/funds?
If you are required to provide documental evidence of your source of wealth/funds, you will receive an email from First AML with a link to upload your evidence to the secure First AML form. It will upload this information onto the Platform for the Reporting Entities compliance team to confirm if it meets their standards.
There are two options you can choose from when providing your source of wealth/funds information:
Option 1: Provide supporting evidence dated within the last 12 months that clearly illustrates how you have acquired your wealth or funds and a written statement explaining the evidence provided.
Some other documental evidence options to provide with your source of wealth statement:
Option 2: Provide a written statement from your solicitor or accountant
Where in the Legislation does it state I need to send through evidence of my Source of Wealth/Funds?
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) is the main piece of Australian government legislation that regulates AUSTRAC’s functions. Aiming to prevent money laundering and the financing of terrorism by imposing a number of obligations on the financial sector, gambling sector, remittance (money transfer) services, bullion dealers and other professionals or businesses (known as ‘reporting entities’) that provide particular services (known as ‘designated services’).
New Zealand Legislation
Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, law firms, accounting firms, real estate agents, investment managers and some other companies are often required to obtain information relating to the source of funds or wealth of their customer (you).
United Kingdom Legislation
Under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended), law firms, accounting firms, real estate agents, financial institutions and some other companies are often required to obtain information relating to the source of funds or wealth of their customer (you).
How will your information be used?
The source of funds or wealth evidence you provide will be reviewed for the sole purpose of conducting customer
Your information will remain secure and confidential and will not be shared outside of First AML or the Reporting