Regulatory Alerts2020-09-18
Added · Updated
Circular on the Guidance Note on the submission of the Source of Wealth and Source of Funds
The MFSA issues a Guidance Note requiring individuals requested by the Authority to submit Source of Wealth (SOW) and Source of Funds (SOF) declarations to follow specific completion instructions. This requirement applies during fitness and properness assessments for individuals taking up positions of influence, holding significant interests, or being Politically Exposed Persons, whether during initial applications or subsequent changes. The SOW declaration must provide a detailed overview of an individual's wealth and its acquisition, while the SOF declaration must identify the origin of funds or assets subject to a business relationship or transaction.
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