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Source of Wealth Investment Bonds

Standard Life is required to verify customers' source of wealth and funds to comply with anti-money laundering legislation. The document provides details required to establish source of wealth from various means such as salary, savings, inheritance, property sale, investment sale, loan, and lottery/casino win. Acceptable evidence includes bank statements, letters, documents confirming transaction details depending on the source. In some cases, a financial advisor's written declaration may suffice for established customers if conventional documentation is unavailable.

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Yakoub Meziane
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33 views2 pages

Source of Wealth Investment Bonds

Standard Life is required to verify customers' source of wealth and funds to comply with anti-money laundering legislation. The document provides details required to establish source of wealth from various means such as salary, savings, inheritance, property sale, investment sale, loan, and lottery/casino win. Acceptable evidence includes bank statements, letters, documents confirming transaction details depending on the source. In some cases, a financial advisor's written declaration may suffice for established customers if conventional documentation is unavailable.

Uploaded by

Yakoub Meziane
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Source of wealth

Investment bonds
For financial advisers only

Under the current anti-money laundering legislation, Standard Life are obliged to perform
customer due diligence to prevent our services from being used for money laundering and/or
terrorist financing purposes.
We are obliged to take adequate measures to establish the customer’s source of wealth and source of funds in relation to
their application.
The table below gives a brief summary of our current requirements.

Source of wealth Details required Additional evidence


Please provide the details/answers Copy documents required for cases where
in the additional information field of • investment amount is €250,000 or more, or
financial adviser’s section (Part 7) on
• there are inconsistencies in the information provided
the application form

Salary/Bonus • Name of employer • Recent payslip; or


• Annual income for this/previous • Bank statement dated within the last 6 months showing income; or
year, Bonus amount received • Bank statement showing bonus payment; or
• Letter from employer on company headed paper confirming salary and
bonus payment

Savings • Name of financial provider where • Bank statement clearly showing total amount saved; or
the savings were accumulated • Letter from financial provider confirming the total amount saved; or
• Period of time saved over • Letter from solicitor or accountant detailing the ownership and
• Total amount saved savings accumulated; or
• Reliable open source check confirming that volume of invested funds
is in line with customer profile

Inheritance/Gift • Donor’s name • Letter from solicitor confirming details and the amount received; or
• Policy owner’s relationship to donor • Copy of the will; or
• Source of donor’s wealth • Grant of probate with copy of the will attached; or
• Date inheritance/gift was received • Bank statement clearly showing receipt of inheritance/gift
• Total amount received

Compensation • Nature and provider of • Court Order; or


payment compensation payment • Letter from compensation provider; or
• Total compensation received • Letter from solicitor confirming details and the amount received
• Date compensation was received

Company/ • Full legal name of the company/ • Letter from solicitor or accountant confirming details of ownership,
shares sale shares sold sale and the amount received; or
• Company’s country of registration • Copy of the contract of sale; or
• Name of shareholder • Reliable media report confirming sale of the company
• Total value of sale
• Date of sale

01/02
Source of wealth Details required Additional evidence
Please provide the details/answers Copy documents required for cases where
in the additional information field of • investment amount is €250,000 or more, or
financial adviser’s section (Part 7) on
• there are inconsistencies in the information provided
the application form

Investment Sale • Nature of investment • Letter from investment company confirming owner and sale; or
or Maturity • Name of company where investment • Maturity statement; or
was held • Letter from solicitor or accountant confirming details of owner, sale
• Ownership of investment and the amount received
• Date of maturity/sale
• Sale value

Property sale • Name of owner of property sold • Letter from solicitor confirming details of owner and sale and the
• Address of property sold amount received; or
• Length of time property was owned • Letter from estate agent confirming the details of the owner, sale and
amount received; or
• Total sale amount received
• Copy of contract of sale
• Date sale was completed

Loan • Name of loan provider • Copy of the loan agreement; or


• Name of borrower • Copy of a loan statement, dated within the last 6 months
• Total amount borrowed
• Date loan was taken out

Lottery/Casino • Name of paying organisation


win • Date of win
• Total amount won
• Letter from the paying organisation confirming the details of the win, winner and the amount received; or
• Copy of the policy owner’s bank statement, showing amount clearly being received from paying organisation

This is a brief summary and the lists are not exhaustive. We reserve the right to ask for additional information and
documentation. Contact us if you need more information.
In certain circumstances, we may accept a written declaration from you, their financial adviser, stating that you are
satisfied with the source of wealth and where it came from, accompanied by your client’s bank account statement clearly
showing the money to be invested. For example, where your client is unable to provide conventional documentation,
but they are a long standing customer of yours, having invested money from a legitimate source based on your advice
for many years.

(01) 639 7900 www.brokerzone.ie brokersupport@standardlife.ie Calls may be monitored


and/or recorded to protect
Standard Life International dac is regulated by the Central Bank of Ireland. Standard Life International dac is a designated
both you and us and help
activity company limited by shares and registered in Dublin, Ireland (408507) at 90 St Stephen’s Green, Dublin 2.
with our training. Call
SOWFA  V01  0821  ©2021 Standard Life. All rights reserved. charges will vary.
SCOZ0621770234-002

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