AML/CTF Requirements – Source of Funds / Wealth

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 (RE) under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF), RWWA/ TABtouch has an obligation to request information about your Source of Funds and/or Source of Wealth. From time to time, TABtouch may ask you to provide information or documentation about your Source of Funds, Source of Wealth, or both. These requests assist RWWA in ensuring the safety and security of our customers as well as meeting our obligations.

Source of Funds (SOF) refers to the origin of the money being used in a particular transaction. It helps us understand where the money came from. For example, it could be from:

  • Salary or wages
  • Proceeds from selling a property or other asset
  • Inheritance
  • Saving

Source of Wealth (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:

Source of Funds/ Wealth Consideration Supporting documents
Business income/ earning
  • Name and address of Company
  • Nature of business
  • Total amount of income/earnings
  • Signed letter from accountant
  • Last 3 months’ bank statements confirming income/earnings.
  • Annual reports/financial statements
Business profits
  • Name and address of Company
  • Nature of business
  • Total amount of profit
  • Signed letter from accountant
  • Last 3 months Bank statement confirming income earnings
  • Last Annual reports /financial statements
Company sale
  • Name and address of Company
  • Total price of sake/sale of interest
  • % shares sold by customer
  • Nature of business
  • Date of sale
  • Signed letter from solicitor engaged in the sale
  • Copy of the contract of sale and evidence of investment confirming proceeds
  • Evidence of sale via open source
Compensation Payment
  • Total amount of Compensation payment
  • Date of Compensation payment
  • Nature and address of organisation/insurer/court
  • Signed letter by organisation/insurer/court detailing payment
Court Awards
  • Court order
  • Total amount of court award/settlement
  • Date of case/settlement
 Financial agreement / settlement contract signed by solicitor/ magistrate/ judge
Divorce Settlement
  • Total amount
  • Details of divorce settlement
 Financial agreement / settlement contract signed by solicitor/ manager/ judge
Insurance Settlement/proceeds
  • Total amount of insurance proceeds
  • Date of payment
  • Type of insurance policy (income/life/disability)
  • Name and address of insurer
 Signed insurance policy and confirmation of payment
Gift Donations
  • Total amount
  • Details of Benefactor
  • Reason for Gifts
  • Relationship to benefactor and source of donation funds
  • Reason for gift
 Letter from donor confirming details of the gift and acknowledging the source of donation funds
Inheritance
  • Total amount received
  • Name of benefactor
  • Relationship to benefactor
  • Date received
  • Grant of Probate (with copy of Will) which must include the value of the state
  • Solicitor’s letter
Investment income e.g. Dividends, sale of shares
  • Description of shares/investment
  • Name of seller
  • How long held
  • Sale amount
  • Certificates, contracts note or surrender statements
  • Bank statement showing receipt of funds and investment entity name
  • Signed letter detailing funds from an accountant or solicitor regulated by a professional body on letterhead
Liquidation assets
  • Total amount of derived from liquidation
  • Date of liquation
  • Name and address of liquidator
  • Signed letter from solicitor/ liquidator confirming liquidation
  • Evidence of distribution of funds
  • Independent search to support liquidation
Matured investment
  • Type of Maturity i.e. term deposit, bonds
  • Total amount of matured investment
  • Name of financial institution that held the matured investment
  • Certificate or letter confirming matured investment
  • Last 3 months Bank statement showing receipt of funds
Royalties
  • Total amount of Royalty
  • Type of royalty payment
 Confirmation of royalty payment on signed letterhead
Sales of Assets
  • What type of asset was sold? (e.g., property, vehicle, shares)
  • When was the asset sold?
  • What was the sale amount
  • A copy of the sale contract or settlement statement
  • Bank statement showing the deposit of sale proceeds
  • Proof of ownership of the asset (e.g., title deed, registration papers, share certificate)
Superannuation/pension
  • Lump sum
  • Super pension
  • Combination of both
  • Total amount
 Letter from superannuation fund/benefit statement
Tax Refund
  • Notice of assessment
  • Notice of assessment
  • Bank statement showing deposit from ATO
Savings from employment
  • Salary p.a, including bonus
  • Employer name and address
  • Nature of employer’s business
  • Redundancy payout
  • Payslip dates within the last 3 months
  • Bank statement showing receipt of the last 3 months salary payment
  • Letter from employer confirming salary and bonuses on entity letterhead or last accounts for self employed people
Windfall
  • Total amount of windfall
  • Nature of windfall
  • Date of windfall
  • Confirmation of windfall including details of the provider and amount i.e. lotto win, obtain lottery/company name and amount won
  • Cheque /wining receipt
Other
  • Value
  • Purpose and origin of monies
  • Identity of parties
  • Frequency of the funds

You may be requested at different times of your relationship with RWWA/ TABtouch to provide information or documentation for either SOF, SOW or both. These requests are part of the activities required for RWWA/ TABtouch to fulfil its obligations and most importantly to ensure that you can enjoy TABtouch’s services in a secure and safe way.

How do I certify my documents?

Documents must be signed by a person who holds the role of a certifier as follows:

  • 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.

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 received a request for SOW and/ or SOF and have questions, please ring our Customer Contact on 08 9468 1407.

Was this article helpful?

Yes No

Related Articles