Origin of Funds
Document list and questions about your assets and the origin of the funds.
The origin and source of funds is of paramount importance for the banks, AML/ATF legislations are strictly enforced worldwide, and risks are very high for a financial institution to be caught and fined for a poor compliance.
Private banking relies on trust thus enforcing KYC rules is often considered as invasive by the customers, nevertheless the last few years the bank compliance became so important that a new kind of services for bank opening assistance developed fast.
Business banking, although being completely different than private banking, is also requesting proofs about the origins of the funds when an important investment is consented to fund a new company.
When a beneficial owner have already long term established bank relation, the new bank will basically just have to be confident about the previous bank KYC procedures and the control of the origin and source of the funds, they will require the last bank statement and withdraw receipts copies.
Bank introduction services
are becoming important, for private banking such services are rendered by assets managers although it’s possible to benefit from bank introduction services without having to give an asset management mandate.
The main questions will be
Means of proof
- How did you acquire your wealth / assets?
- What are they and where are they > properties, bank account, cash & investments, participations in companies, art collection, cars, jewelry, etc...
- Bank statement
- Recently filed business accounts
- Documents regarding the sale of a property
- Receipt of personal injuries award – court case award
- Tax payment certificate
- Win for gambling activities receipts
- Stock certificate indicating the ownership
- Documents relating to the sale of a business
- Letters documenting employer bonus, stock options or promotions
- Document showing a pattern of income
- If it’s a gift information about the gift giver and a track of the source of the funds
We are supporting private customers to select offshore private banking
solution in Hong Kong, Dubai, Geneva and Mauritius. We are official bank introducers
for a short list of financial institutions.
Contact us for a free consultation