Your challenges.
Wealth managers work with high-net-worth individuals and families, often with holding companies, trusts or assets abroad. The relationship is personal, but the investigation must be just as thorough as for any other client.
What we look at
How was the wealth built up, and is that plausible and substantiated?
Is the client, a family member or a close associate a politically exposed person?
Mapping holding companies, trusts and accounts abroad.
Following new transactions and changes in the client's situation.
Frequently asked questions
What is the difference between source of wealth and source of funds?
Source of wealth concerns how someone built up their total wealth. Source of funds concerns the money in a specific transaction.
What should I do in the case of a PEP?
For a PEP, you carry out enhanced customer due diligence, including on the source of wealth, and senior management approves the relationship.
Can BlueMonks update existing files?
Yes. We bring existing files in order in a remediation project and keep them up to date afterwards.