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

The Wolfsberg Group has published a set of 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.


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