When companies and individuals open bank accounts, carry out financial transactions, and resolve migration and business issues in foreign countries, they frequently receive requests for a report on the sources of funds prepared by an independent company.Our Tenet team assists clients in preparing such reports.
We issue reports on the origin of funds for clients based on the requirements of the compliance departments of banks, state authorities, and other foreign counterparties.
Identify sources of funds. Together with the Client we determine from which sources funds that are planned to be transferred to a new or existing account in a foreign bank were generated. We analyse income received from various sources, including operations with securities, the sale/lease of real estate, dividends, and remuneration and examine both simple and complex multi-jurisdictional transactions in all currencies, as well as payments in crypto.
Request supporting documents. Our team prepares an information request to the Client to provide documents confirming the nature of the analysed income. These may include purchase and sale agreements, dividend decisions, tax returns, and bank account statements.
Analyse the Client’s documents and data from external sources. The project team analyses the information provided by the Client and verifies it (where possible) via independent external sources, such as corporate registers, available corporate filings, and numerous others to increase the report’s credibility.
Prepare a report. Based on the analysis performed, Tenet issues a report on the origin of funds in a format agreed in advance with the Client and the bank/other end users.
The main factors driving such requests from foreign counterparties include: