As part of TrueLayer's ongoing commitment to compliance with relevant laws and regulations, we are required to verify the sources of funds and wealth associated with your account and activity with us. This is a fundamental aspect of our anti-money laundering (AML) and counter-terrorist financing (CTF) obligations.
To clarify, please note the following definitions:
- Source of Funds (SoF): This refers to the origin or provenance of the financial resources used in a specific transaction or held in an account. It details where the funds were obtained, such as:
- Source of Wealth (SoW): This refers to the legitimate origins of an individual's total assets and net worth. It encompasses various forms of wealth accumulation, including:
Our procedure involves requesting appropriate documentation to substantiate these sources, ensuring that all financial activities are conducted transparently and in compliance with legal standards designed to combat financial crime.
Acceptable sources of funds for a corporate entity:
- Recent Business Bank Statements: A business bank statement dated within the last three months.
- Latest Audited Accounts: Audited financial accounts from the most recent financial year.
- Company Investment Documentation: Evidence demonstrating company investments.
- Equity Capital Raises: Documentation related to capital raised through equity.
Revenue Records: Records substantiating the company's revenue.
Acceptable sources of wealth for a private individual:
- Recent Personal Bank Statement: A personal bank statement dated within the last three months.
- Recent Payslip: A payslip dated within the last three months.
- Personal Savings: Documentation confirming personal savings.
- Investment & Asset Sales:
- Proof of the sale of shares.
- Documentation of a property sale.
- Other Income & Capital:
- Proof of inheritance.
- Records of dividends received from a company.
- Evidence of pension release.
- Documentation of a gift received.
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