Source of Wealth in AML & CFT | Source of Wealth Explained | Source of Wealth Examples скачать в хорошем качестве

Source of Wealth in AML & CFT | Source of Wealth Explained | Source of Wealth Examples

🌍 We are diving deep into one of the most critical elements of compliance and risk management: Source of Wealth (SoW). In the world of AML (Anti-Money Laundering), CFT (Countering the Financing of Terrorism), and CFP (Countering the Financing of Proliferation), regulators and financial institutions have long recognized that understanding a client’s financial activity requires more than simply looking at the money used for a transaction. While the Source of Funds tells us where the money for a particular transaction is coming from, the Source of Wealth looks at the bigger picture — how a customer, beneficial owner, or entity accumulated their wealth over time (SOF vs SOW). 📌 In this video, we break down everything you need to know about Source of Wealth in AML, CFT, and CFP, including: 1️⃣ Source of Wealth Explained – what it means, how it differs from Source of Funds, and why it is a cornerstone of compliance. 2️⃣ Why Source of Wealth matters – regulators require it to ensure that individuals and entities have accumulated their wealth legitimately. 3️⃣ FATF Requirements – where the Financial Action Task Force explicitly requires Source of Wealth checks. 4️⃣ Mauritius Legal Requirements – how Source of Wealth is reflected in the Local Regulatory Landscape. 5️⃣ Examples of Source of Wealth natural persons. 6️⃣ Examples of Source of Wealth legal persons. 7️⃣ Examples of Source of Wealth legal arrangements. 8️⃣ Verification challenges – why financial institutions sometimes struggle with vague customer explanations, old or inherited wealth, offshore structures, complex family businesses, or client reluctance to provide documents. 9️⃣ Best practices – what compliance officers can do to verify Source of Wealth. 🔟 Conclusion – why documenting and understanding Source of Wealth is not just a regulatory obligation but also a safeguard for protecting the institution’s reputation, financial integrity, and regulatory standing. 💡 Why Source of Wealth matters: Unlike Source of Funds, which only gives you a snapshot of one transaction, Source of Wealth provides a full financial history of how wealth was accumulated (Source of Funds and Source of Wealth). For example, if a Politically Exposed Person (PEP) claims to have millions in assets, the Source of Wealth check will reveal whether that wealth came from legitimate business activities or whether it is disproportionate to their declared income and position. 🌐 International context: The FATF emphasizes Source of Wealth in the context of Enhanced Due Diligence (EDD), particularly for PEPs and high-risk customers. 📖 Real-world application: Financial institutions frequently encounter situations where customers provide vague claims such as “I accumulated my wealth through business.” Compliance teams must probe further — What kind of business? Where are the audited accounts? Was the business registered and tax compliant? 📺 Agenda of this Video: 0:00 – Intro & Agenda 2:02 – 1️⃣ Definition of Source of Wealth 2:53 – 2️⃣ Why Source of Wealth matters in AML, CFT, and CFP 3:47 – 3️⃣ FATF requirements on Source of Wealth 4:48 – 4️⃣ Source of Wealth in Local Legislation 5:57 – 5️⃣ Examples for Source of Wealth Natural Persons 6:48 – 6️⃣ Examples Source of Wealth for Legal Persons 7:19 – 7️⃣ Examples Source of Wealth for Legal Arrangements 8:07 – 8️⃣ Source of Wealth Verification Challenges 8:44 – 9️⃣ Best Practices Source of Wealth 9:29 – 🔟 Conclusion & Recap 💼 Who this video is for: • Compliance Officers and MLROs • Regulators and Auditors • Legal and Financial Services Professionals • Students and practitioners interested in AML/CFT/CFP • Anyone who wants to understand how financial institutions prevent financial crime 👉 By the end of this video, you’ll have a detailed understanding of how to identify, verify, and document Source of Wealth, the challenges you may face, and the best practices to stay compliant. ✅ Don’t forget to like, share, and subscribe to the Global Business Channel for more in-depth content on AML, CFT, CFP, FATF Recommendations, compliance, and governance. Hit the bell 🔔 so you never miss an update. #SourceOfWealth #AML #CFT #CFP #FATF #FinancialCompliance #MauritiusFinance #CorporateGovernance #FinancialCrime #DueDiligence #EnhancedDueDiligence #EDD #KYC #RiskManagement #MoneyLaundering #TerroristFinancing #ProliferationFinancing #FIAMLA #FSCMauritius #FinancialRegulation #SourceOfFunds #WealthVerification #GlobalBusinessChannel #FinancialIntegrity #peps –––––––––––––––––––––––––––––– Background Music: Snowfall by Scott Buckley / scottbuckley Creative Commons — Attribution 4.0 International — CC BY 4.0 Free Download / Stream: https://www.audiolibrary.com.co/scott... Music promoted by Audio Library Snowfall – Scott Buckley (No Copyright Music)    • Snowfall – Scott Buckley (No Copyright Music)   ––––––––––––––––––––––––––––––