Source of Funds (SOF) &

Source of Wealth (SOW) Masterclass

Regulators around the world expect firms to establish very good understanding around the Source of Funds (SoF) and Source of Wealth (SoW) of their clients while conducting initial Know Your Customer (KYC) checks and ongoing Client Due Diligence (CDD). Understanding the origin of SoF and SoW can be challenging especially in the case of clients with foreign ownership, complex business model, opaque ownership structures and cross-border transactions.

Why take this course?

This masterclass will provide delegates with a comprehensive understanding of identification, evaluation and corroboration of source of wealth and source of funds. Delegates will learn different techniques in validating documents and information provided by the clients, acceptable types of documents, utilisation of official documents as well as public information and building a holistic picture of origin and accumulation of funds and wealth of their clients.

This masterclass offers delegates a detailed understanding of client due diligence with a targeted focus on establishments of sources of funds, sources of wealth and techniques for corroboration of SoW and SoF. Interactive training utilises various case studies, scenarios, deep dive into building a holistic client profile through group exercises, validations of documentations, independent certification of documents and utilisation of publicly available information.

  • AML staff
  • CDD analysts
  • Compliance officers
  • Financial investigators
  • Legal practitioners
  • Accountants and auditors
  • Transactions monitoring analysts
  • Exploring regulatory guidance on SOF/SOW
  • Understanding SOF
  • Identifying difference sources of funds
  • Verifying SOFs
  • Discovering source of wealth
  • Corroboration of SOW
  • Key difference between SOF and SOW
  • Acceptable documentation to validate SOF/SOW

Delegates of this masterclass shall be assessed through a multiple-choice test at the end of the training session. Upon successful completion of this masterclass, delegates will be awarded the Sigma Risk certification.

This masterclass may be delivered in person at client premises, at external location or virtually via Zoom or MS Teams.

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Full Suite of Sigma Risk Masterclasses

  • Applicable regulatory guidance
  • Validation of information/documents
  • Techniques to corroborate SoF/SoW

• Understand applicable regulations
• Third party risk assessment
• Managing conflict of intrest

• Identify key AML risks
• Conduct AML risk assessment
• Build a robust methodology

  • Correct level of due diligence
  • Identification and verification
  • Corroboration of source of wealth
  • Learn about complexity & reliance
  • Downstream banking and nesting
  • Respondent risk assessment
  • Preventing & recovering from a cyber attack
  • Identify key threat actors
  • Understand different types of cyber attacks
  • Understand the risks in gaming
  • Applicable regulatory requirements
  • Proportionate risk assessment

• Understanding digital currencies
• Corroboration of SOF/SOW
• Financial crime risks

  • Law enforcement collaboration
  • Asset tracking and confiscation
  • Suspicion activity reporting
  • Recognize key sanctions regimes
  • Establish screening & monitoring
  • Escalations & reporting
  • Attractiveness to Criminals
  • Discover emerging typologies
  • Identify red flags and warning signs
  • Recognising key signs of terrorism funding
  • Risk identification & mitigation techniques
  • Learning from real-life case studies