Video on Source of funds and source of wealth
It is very important to understand the source of funds and the source of wealth of a customer to bring transparency to the transactions, as businesses deal with high-risk customers regularly, posing an increased risk of financial crimes. It is important to determine the financial position of the customer to identify the origin of the customer’s funds and get information about the possible connection with financial crime or any other criminal activities.
When the means of funds and wealth, as disclosed by the customer, do not align with the customer’s declared wealth, it indicates suspicious activity. It helps you identify whether the transaction proposed is aligned with the customer’s source of funds and wealth.
While implementing Enhanced Due Diligence, it is important to determine the legitimacy of the source of funds and wealth to safeguard your business from being misused by criminals.
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Chapters
- 0:00 Introduction on Essential element of Customer Due Diligence
- 0:38 How to understand the financial profile of customer in EDD?
- 1:09 How EDD helps in understanding the nature of customer’s wealth?
- 1:32 How to know if the transaction proposed is aligned with source of fund and overall wealth?
- 2:07 How to find out if the money is not legitimate?
- 2:33 What can you do if you can’t identify the sources of fund and wealth?
- 2:56 Conclusion and Regards
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