TLDR: Employment details may be requested during the Source of Funds task to support Source of Funds, Source of Wealth, and Anti-Money Laundering (AML) risk assessments. Source of Funds identifies the origin of money for a specific transaction, while Source of Wealth explains how overall wealth was accumulated. Employment information helps provide a complete financial picture and assess transaction legitimacy.
Employment Details
You may be asked to share employment details during the Source of Funds task as they form part of the wider Source of Funds, Source of Wealth and Anti-Money Laundering (AML) risk assessment.
Source of Funds explains where the money for this specific transaction is coming from, for example the sale of another property, a gift, inheritance, savings or employment income.
Source of Wealth is about understanding how someone accumulated their overall wealth over time, not just where the money for this transaction is coming from. For example, if the Source of Funds is the sale of another property, the company that requested your check may still need to understand how the property was originally acquired. Employment, business income, inheritance, investments, property ownership or gifts can all help explain the wider financial position.
Sharing employment details helps build a complete picture for AML and risk assessment purposes, and to assess whether the transaction makes sense in context.