Implementation Guidance Ep 200 Ig 2 - Anti-Money Laundering And Countering The Financing Of Terrorism - Institute Of Singapore Chartered Accountants Page 47

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EP 200 IG 2
ANNEX 3
EXAMPLE OF ENHANCED CDD RELATING TO SOURCE OF WEALTH AND FUNDS
FOR OFFICE USE
1.
Verify the source of wealth and source of funds to relevant
Document
26
documents as per the professional firm’s policies
.
verified to:
______________
Copy of
document
Yes / No
retained:
26
Examples
of independent verification measures include citing public information sources (e.g. company websites, corporate
registration websites, journals and media reports) to verify net worth as well as obtaining documentary evidence, such as bank
statements, confirmation from third party professionals (e.g. tax advisors), and financial statements or management accounts of
operating companies. Professional firms should also assess the authenticity and reliability of the documents provided by the
clients. More evidentiary verification options are typically required for higher-risk clients. Aside from the common verification
measures such as citing public information sources, professional firms may commission independent investigations to perform
background checks on higher-risk PEPs, obtain financial statements of the business(es) where the source of wealth/funds is
derived, and perform site visits.
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