What is a Source of Wealth/Source of Funds check and what does this mean?

As a Royal Mint customer, you may be required to complete a Source of Wealth or Source of Funds check. Source of Wealth (SoW) and Source of Funds (SoF) checks are conducted to prevent and detect financial crimes such as money laundering, terrorist financing, and fraud. Financial institutions and other businesses are required to conduct these checks as part of their due diligence process to comply with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.  

These checks are essential in identifying and/or preventing crime in the following ways: 

• Compliance with regulations: The Royal Mint is legally obligated to comply with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations. 
• Money laundering: Criminals often attempt to launder illicit funds through legitimate financial institutions by disguising the source of the money.  
• Detecting fraud: Verifying the source of funds helps in detecting fraudulent activities.  
• Preventing terrorist financing: SoW and SoF checks are crucial in identifying and preventing funds from being channelled to support terrorist activities.  
• Reputation and risk mitigation: Proper due diligence, including SoW and SoF checks, helps financial institutions assess and mitigate the risk associated with their clients and transactions.  

What does this look like? 

• If you are required to complete a SoW or SoF check, one of our compliance team will contact you directly to inform you of the process and what documentation will be required to verify your income and assist in the completion of the process. 
• The team will work closely with you to answer any questions, and ensure the process is completely as quickly and efficiently as possible. 
• At all times, you will be kept informed of progress and when checks are complete. 

What kinds of documents will you accept? 

Please visit our website: Source of Funds Check | The Royal Mint 

Can I refuse to provide this information? 

• On account opening, you are accepting the Terms & Conditions set out on our website and by doing so, you have agreed to supply all necessary information and documentation about your SoF and SoW regarding money on your account. 
• You have a right to refuse to provide documentation or information about your account, however, should you choose not to provide the necessary documentation, we may close your account and cancel any orders and transactions. The specific course of action will depend on each customer’s circumstance.