Training Programmes > Virtual Training

Understanding Source of Funds / Source of Wealth and Beneficial Ownership

Type

Virtual

Date

October 16, 2023

Duration

2 day(s)

Hours

09:00 – 02:00
Eastern Standard Time (North America) (EST)

Fee

£370

A 10% discount will apply for the registration of 10 or more participants from one organisation.

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What is Source of Funds (SoF) and Beneficial Ownership?
a. What is Source of Wealth (SoW)?
b. Understanding the difference between the two terms and requirements.
c. What is Beneficial Ownership
d. Understanding the different ownership structures

The FATF Recommendations
a. Customer Risk Assessment
b. Customer Due Diligence
c. PEPS, Relatives and Close Associates and other High Risk Customers
d. Enhanced Due Diligence

The Wolfsberg Group Guidance

Policy and Procedure
a. Customer Types, Income Types, Wealth types
b. Enquiring about somebody’s fortune
c. Examples of good and poor practice

Verification of SoF and SoW
a. Questions to ask
b. Publicly available information
c. Adverse Media
d. Red Flags including Auditor Qualifications to Financial Statements
e. Documentary evidence types to corroborate SoF and SoW types
How far back to go

Identifying and Verifying Beneficial Ownership Information
a. Beneficial ownership information
b. Distinction between legal ownership and beneficial ownership
c. Beneficial ownership through ownership interests.
d. Beneficial Ownership through Control/Other Means (“beyond the threshold”)
e. Beneficial ownership in respect of different types of legal persons

Documenting a SoW memo
a. What is a SoW memo?
b. Examples of good and poor practice
c. The SoW storyline

Case studies

About EBII Group

Emerging Business Intelligence & Innovation (EBII) Group is a compliance and risk management consulting firm headquartered in the UK and supported by Oxford University Innovation. EBII Group’s mission is to unlock Africa’s investment value by helping market participants to understand the compliance risks and mitigations associated with their Africa investments proposition. EBII Group works closely with Banks and African governments by strengthening their compliance programmes, regulatory and enforcement programmes. We, therefore, provide a critical link between African nations and the rest of the world, creating a more conducive environment for interactions.