Source of wealth definition

Source of wealth means the origin of the customer’s total wealth, for example inheritance or savings.

Source of wealth means the way (or ways) in which the applicant accumulated the money being used to pay the premium. Please note:

Source of wealth means the origin of a customer’s entire body of wealth and includes the total assets of the customer;

Examples of Source of wealth in a sentence

• Source of wealth information should give an indication about the size of wealth the customer and beneficial owner would be expected to have, and how the customer and beneficial owner acquired the wealth.

• Source of wealth is fundamental to money laundering risk assessment.

• Source of wealth The Insurance (Anti-Money Laundering) Regulations 2008 requires all Isle of Man life companies to “make enquiries as to how an applicant has acquired the monies to be used as premium for, or contribution to, a policy.” This reflects the Isle of Man’s commitment to maintain the highest possible standards of business practice and to counter money laundering and the financing of terrorism.

• Source of wealth relates to how the client came to have the funds in question – via inheritance, house sale, or investment windfall for example.

• Source of wealth refers to the origin of an individual’s entire body of wealth (i.e. total assets).

More Definitions of Source of wealth

Source of wealth means the activities that have generated the total net worth of the client that is, the activities that produced the client’s funds and property (for example inheritance or savings).

Source of wealth means the way (or ways) in which the Applicant accumulated their wealth.

Source of wealth means the way (or ways) in which the Applicant/Settlor accumulated the money being used to pay the premium. We need to understand how the Applicant/Settlor has accumulated the monies to be used as the premium. We require documentary evidence of source of wealth when the cumulative premium amount (across all client policies) is equal to or exceeds £1 million or £50,000 a year. We may sometimes ask for documentary evidence of the source of wealth for cases below these amounts.

Source of wealth. (SOW) means the manner in which the applicant’s overall wealth has been accumulated:

Source of wealth means the activities that have generated the total net worth of the client such as, for instance, the activities that produced the client’s funds and property. These may, for instance, be derived from an inheritance or savings.

Source of wealth means the origin of the customer’s overall wealth and includes business, employment, inheritance, investments, donations.

Source of wealth means how the customer’s global wealth or net worth is or was acquired or accumulated.