Understanding the origin. Establishing the context.
How information about the origin of funds and wealth supports FIDERE’s understanding of a client and the proposed activity.
Information about the origin of funds helps place the proposed activity in context. For a corporate client, a source-of-funds narrative forms part of the published typical KYB pack, alongside the business model and expected transaction profile.
Information about the accumulation of wealth supports an understanding of the broader client circumstances. Evidence may be requested during onboarding, and higher-risk cases may require independent corroboration of the source of wealth.
The information requested depends on the proposed activity and the client’s risk profile. It may be considered alongside relevant financial statements, business information or other supporting records where applicable.
Further clarification or documentation may be needed where the information is incomplete, inconsistent or insufficient for the review. There is no single document pack that establishes acceptance for every arrangement.
