Source of Wealth: A core control not a formality
Understanding Source of Wealth (SoW) is key for Guernsey firms to truly know clients. Unlike Source of Funds (SoF), which looks at individual transactions, SoW provides a broader view of how wealth is accumulated, helping identify other risks not visible at transaction level.
The GFSC, in line with FATF standards, expects a risk-based, evidence-driven approach to SoW under the Criminal Justice Handbook. This is not a one-off exercise, but an ongoing process supporting effective monitoring.
In this session, Nadia will cover practical use cases, key dos and don’ts, and guidance to strengthen your due diligence.
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