15th July 2022

The FIAU has published a guidance note entitled ‘Obtaining Source of Wealth Information related to Parties other than the Customer’.

The purpose of this Guidance Note is to provide guidance on the most common scenarios where a subject person would be expected to ask questions and obtain information, supplemented by documentation, on the activities or source of wealth other than the customer’s own. 

The guidance provided should be applied when it is relevant within the context of the service/s provided by each subject person. This will dictate whether there is a business relationship in place between the subject person and the customer, as well as the level of visibility the subject person has of what is taking place with respect to the customer, in terms of financing and transactions.

This Guidance Note is not exhaustive, and it cannot be excluded that there may be other scenarios where, on a risk sensitive basis, the subject person would have to look at the source of wealth of an individual, an entity or legal arrangement, even though either of these is not the subject person’s customer.

This document is intended to be read within the context of the Implementing Procedures – Part I, and any sector specific Implementing Procedures issued by the FIAU.  It is a document of general application and does not replace any sector specific obligations and directions.

Questions related to this Guidance Note are to be sent on the following email address: [email protected].

The Guidance Note may be accessed by clicking on the below: