Publication of Source of Wealth and Source of Funds (Private Banking/Wealth Management) FAQs

The Wolfsberg Group is pleased to publish Frequently Asked Questions (FAQs) on how Financial Institutions can identify, mitigate and manage money laundering risks by undertaking Source of Wealth (SoW) and Source of Funds (SoF) 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, as defined by each Financial Institution.

This document is primarily aimed at Financial Institutions’ Private Banking/Wealth Management customer segments and the Group hopes it will contribute to more effective financial crime risk management across the sector.

Wolfsberg Source of Wealth and Source of Funds (Private Banking/Wealth Management) FAQs

Back Office Consolidation
Controls for New Payment Methods
Credit Cards
DFS 504 Rule
Digital Identity
Future of Surveillance
Models & Methodologies
Negative News Best Practice
Retail Banking
RFI Benchmarking
Role of FCC professional
Source of Wealth/Source of Funds
Tax Transparency
Terrorist Financing and High Risk Charities
Trade Based Money Laundering
Vendor Procurement Due Diligence / ABC Control Framework
Recent articles
Publication of the Negative News Screening FAQs
Publication of Chinese (Simplified) translation of the Wolfsberg Group Statement on Demonstrating Effectiveness
Publication of Guidance on Digital Customer Lifecycle Risk Management