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Complicated Cases

A team of professional personal consultants will assist your business in solving complex cases regarding tax issues, global market access, asset diversification and protection, as well as investment. 24/7 service.

Establishing Source of Funds

Where does your money come from? You can be asked this question by banks or regulatory authorities even when conducting a minor international transaction (opening an account, transferring funds, investing, buying real estate or assets). The lack of a transparent source of funds can become a serious obstacle for successful transactions in corporate or private bank account.

Banks may request the source of funds through compliance and KYC procedures. It should be made clear that this is not a bank’s whim. It is the international community represented by influential anti-money laundering organizations, that dictates the rules. Financial institutions have to strictly comply with those requirements under the threat of fines, penalties, and revocation of license.

Example

Imagine that you want to buy real estate, acquire a share in an investment fund, place available funds in the stock market, finance a business, transfer funds to a trust or simply spend your money. In all these cases, a bank can require to:

  • report on the source of funds for the last 3-5-10 years;
  • explain the origin of initial capital, as well as the process of its accumulation;
  • provide information on tax payment;
  • establish a final beneficiary and prove that an account is used precisely for his/her benefit.

The risks

If the request for establishing source of funds is not fully satisfied, the bank has the right to take and will take the following steps:

  • freeze an account;
  • return the last receipt of funds to the sender;
  • close incoming/outgoing payments with further account blocking;
  • significantly increase the maintenance fees;
  • transfer the case to the public authorities for further proceedings.

The consequences of such actions can vary: broken agreements with partners, fines for breach of contracts, and account block.

What we offer:

Assistance of professional bankers in undergoing compliance procedures, creating a KYC file and responding to individual inquiries about the source of funds in accordance with the current requirements of regulatory authorities and banking compliance.

Our main task is to protect the client’s interests.

The procedure of establishing source of funds is very vast and has a lot of subtleties. There are no template solutions, so each time we provide an individual approach to the client’s case. Based on our experience and networking, we delve into the essence of the process.

You can make sure of this at the first free consultation with our specialist.

Money loves silence, they say. Thanks to adherence to the current compliance requirements, your money will remain safe and sound!

* “Establishing source of funds” service is often accompanied with opening an account and transferring assets to Swiss banks with a high credit rating.

 

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