What is Source of Funds (SOF) and Source of Wealth (SOW)? Why do I need to provide those details and documents?
As an enrolled reporting entity under the Anti Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF), RWWA/ TABtouch has an obligation to verify SOF/SOW from time to time. These requests are crucial to assist RWWA to ensure that safety and security of our customers as well as meeting our obligations.
SOF refers to the origin of the money being used in a particular transaction. It’s about understanding where the money came from. For example, it could be from:
- Your salary
- Selling a property
- An inheritance
- Savings
SOW is broader and looks at how a person accumulated their overall wealth over time. This includes all sources of income and assets, such as:
- Investments
- Business ownership
- Long-term savings
- Inheritances
You may be requested at different times of your relationship with RWWA / TABtouch to provide information or documentation for either SOF or SOW or both these are part of the activities required for RWWA/ TABtouch to fulfil its obligations and most importantly to ensure that you are able to enjoy RWWA/ TABtouch’s services in a secure and safe way.
What documents do I need to provide?
The TABtouch Admin team, will advise you as to the specific information and documents that are required through email from admin@tabtouch.com.au.
How do I certify my documents?
Documents must be signed by person who holds the role of a certifier as the following:
- Architect
- Nurse
- Chiropractor
- Occupational therapist
- Dentist
- Optometrist
- Financial adviser or financial planner
- Patent attorney
- Legal practitioner
- Pharmacist
- Medical practitioner
- Physiotherapist
- Midwife
- Psychologist
- Migration agent registered under Division 3 of
- Part 3 of the Migration Act 1958
- Veterinary surgeon
And they must include the following information:
- Full name*
- Position
- Signature (digital signature is not permitted)
- Date of certification
- Certification statement
And words to the effect of “l certify that this is a true copy of the original document which I have sighted“. Certified documents must have been certified within the last 12 months, at the time of acceptance. Further information would have been provided from the TABtouch Admin team the email received from admin@tabtouch.com.au.
What happens if I don’t want to provide the requested information and/or documents?
Failure to provide the requested document and information by the due date may result in TABtouch limiting your ability to access your account and use TABtouch services.
Who can I talk to about what I need to provide?
If you have a received a for SOW / SOF and have questions, please ring our Compliance team on 08 9468 1407 if you have any questions.