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Source of Wealth / Source of Funds (SOW / SOF)
Source of Wealth (SOW)
Refers to the origin of the customer’s entire body of wealth.
Examples of SOW:
- ownership of a business
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