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- Definitions
- Source of Wealth / Source of Funds [SOW / SOF]
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Source of Wealth[SOW]
Refers to the origin of the customers entire body of wealth.
Examples of SOW:
- ownership of a business
- employment
- inheritance
- investments
Source of Funds [SOF]
Refers to the origin of the particular funds or any other monetary instrument which are the subject of the transaction between a Financial Institution and the customer.
Alternatively, another definition of SOF is the origin and means of transfer of monies that are accepted for the account.
Examples of SOF:
- Funds are from a saving account owned by parents
- Funds are from Singapore bank account owned by a company
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