Related Terms
DEFINITION
Source of Wealth (SoW)
Source of wealth refers to the origin of a client’s entire body of assets and financial resources, describing how they acquired their total funds and property over time.
Synonyms
–
Acronyms
SoW
Share
Synonyms
–
Acronyms
SoW
Examples
The bank requested SoW documentation from the high-net-worth client to understand how their wealth was accumulated.
FAQ
What is the difference between Source of Wealth and Source of Funds?
SoW describes the origin of a client's total assets, while SoF refers to the specific funds being used in a transaction.
What documents can be used to establish SoW?
SoW can be supported by tax returns, payslips, audited accounts, property deeds, inheritance documents, share transaction reports, etc.
When is SoW information required vs. nice to have?
SoW is required for high-risk clients like PEPs and should be established whenever a client's wealth doesn't match their profile.
Book your demo today and see why leading financial institutions
worldwide trust Atfinity to drive their digital transformation.
Book your demo today and see why leading financial institutions worldwide trust Atfinity to drive their digital transformation.