Secure-RAG

The supplied AUSTRAC material states that source of funds (SoF) and source of wealth (SoW) checks may be appropriate when relevant to the customer’s ML/TF risk, including high-risk jurisdictions, opaque ownership structures, politically influential customers, unusually large cash transactions, unclear income sources, multiple jurisdictions, inconsistencies in wealth information, adverse media, or material financial changes. For relevant high ML/TF risk, the customer’s SoF and SoW should be established on reasonable grounds as part of initial CDD and maintained during ongoing updating and reverification. Enhanced CDD measures must be documented, including the circumstances requiring ECDD, reasons for measures, information collected, verification performed, SMR submission, changes to risk assessment, and decisions to mitigate risk or stop providing a designated service.