Your Bank Is Asking for Source of Wealth Evidence. Here's How To Respond.
A Source of Wealth request is more comprehensive than a Source of Funds request, it asks you to explain how you accumulated your overall wealth, not just where one specific payment came from. Here's how to respond correctly.
Source of Funds vs Source of Wealth, What's the Difference?
Many people confuse these two terms, but banks treat them very differently. Understanding which one applies to your situation is the first step to responding correctly.
| Question | Source of Funds | Source of Wealth |
|---|---|---|
| What it asks | Where did this specific money come from? | How did you build your overall wealth? |
| Scope | Narrow, one transaction or deposit | Broad, your entire financial history |
| Triggered by | A large or unusual transaction | High net worth, EDD review, or risk flag |
| Documents needed | Transaction-specific evidence | Comprehensive financial history and evidence |
| Complexity | Moderate | High, often requires multiple document types |
What Triggers a Source of Wealth Request?
Source of Wealth requests are typically part of an Enhanced Due Diligence (EDD) process, a deeper level of scrutiny that banks apply to higher-risk customers. If you've received one, your bank has decided your account warrants a more thorough review.
- You are classified as a high-net-worth individual
- You hold significant assets, property portfolio, business interests, investments
- You are a Politically Exposed Person (PEP) or associated with one
- Your transactions involve large or unexplained wealth movements
- Your bank is conducting a periodic EDD review
- You've recently opened a new account or expanded your banking relationship
- Adverse media or sanctions screening has flagged your name
What Documents Do Banks Want for Source of Wealth?
Banks conducting Source of Wealth reviews will typically want to see evidence that spans multiple aspects of your financial life. The exact requirements will depend on your circumstances, but the following are commonly requested:
Employment and income
- Payslips and employment contracts
- P60s and HMRC tax returns
- Bonus documentation or commission statements
- Pension statements if applicable
Business ownership
- Company accounts and confirmation statements
- Dividend records and shareholder agreements
- Business sale agreements if wealth derived from exit
- Accountant's letter confirming business interests
Property and investments
- Property ownership documentation (Land Registry)
- Rental income statements and tenancy agreements
- Investment portfolio statements
- Sale proceeds documentation
Inheritance and gifts
- Grant of probate or letters of administration
- Solicitor correspondence and estate accounts
- Gift letters and donor financial evidence
- Deed of variation or trust documentation if relevant
How KYCifi Prepares Your Source of Wealth Response
Source of Wealth responses are among the most complex compliance documents to prepare correctly. We have prepared dozens of these packs for individuals across the UK, from property investors to business owners to high-net-worth professionals.
- Free consultation to assess your situation and explain exactly what's needed
- Structured Source of Wealth narrative drafted in compliance language
- Comprehensive document checklist tailored to your circumstances
- Full EDD pack assembled with evidence indexed and cross-referenced
- Support through any bank follow-up questions
- Strict confidentiality at every stage
Services from £199. All fees fixed and agreed in writing before work begins.
We will tell you exactly what your bank needs.
We'll review what your bank has asked for and tell you exactly what you need to provide. No cost, no commitment. Services from £199, fixed fees, strictly confidential.