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

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

Examples of Source of wealth in a sentence

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

• 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 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.

• Registered Name Occupation (if individual or joint account) or Nature of purpose of entity (if entity) Source of wealth (e.g. inheritance, income from employment, income from business activities) Registered Address PO or C/O will not be accepted Contact Name Contact Details Telephone (inc.

• Source of wealth is the economic activity which generated your net worth.

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

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 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 refers to the means by which a customer acquires his wealth (e.g. through a business or an inheritance); and

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