What is the difference between Source of Funds and Source of Wealth?
Source of Funds (SoF) and Source of Wealth (SoW) are distinct but complementary concepts. Together, they help us understand an applicant’s financial background, the origin of their assets, and how their wealth has been accumulated over time.
Source of Funds refers to the origin of the specific funds or assets involved in establishing and maintaining a banking relationship. This includes:
• The activity or transaction that generated the funds.
• The method by which the funds are being transferred.
• The funds that will be deposited with Capital International Bank at the outset of the relationship and on an ongoing basis.
To help us understand your expected future funding activity, applicants are required to complete an anticipated transaction activity schedule as part of the onboarding process.
Source of Wealth describes the origin of an applicant’s overall wealth and financial position. It considers the total assets and net worth of the applicant, regardless of how much of that wealth will be deposited with Capital International Bank.
Additional Source of Wealth information may be required in the following circumstances:
• Corporate applicants: In addition to the company's Source of Wealth, we may also need to understand the Source of Wealth of key individuals, such as beneficial owners or other relevant associated parties who have contributed assets or investment to the business.
• Trust structures: In addition to understanding the Source of Wealth of the trust assets, we will normally require information regarding the Source of Wealth of the settlor(s) or economic donor(s).
• Foundations: In addition to the Source of Wealth of the Foundation's assets, we will require information regarding the Founder’s Source of Wealth.
Understanding Source of Funds and Source of Wealth is a key part of our Know Your Customer (KYC) and Customer Due Diligence (CDD) obligations. Further guidance on the information required, together with examples of acceptable supporting evidence, can be found in our Applicant Support Guide.
Once your application has been accepted for onboarding, you will be granted access to our secure digital application portal. The portal will contain applicant request forms tailored to your client type, enabling you to provide the relevant Source of Funds and Source of Wealth information.
Following the guidance provided will help ensure your application can be processed as efficiently as possible and minimise the risk of delays.
