Blog ยท Banking/KYC
Banking, KYC and source of wealth: prepare before the account application.
Bankability starts before the bank form. It starts when structure, source of wealth, funds flow, tax position and governance are documented consistently.
Why banks ask
International company, holding and foundation structures require explanation. Banks need to understand beneficial ownership, economic background, transaction purpose and whether documents tell a consistent story.
Source of wealth and source of funds
- Source of wealth explains how wealth was generated economically.
- Source of funds explains the specific origin of a payment, investment or account funding.
- Contracts, financial statements, tax returns, bank statements and transaction records should align.
- Inconsistencies between bank, tax and structure documents usually create follow-up questions.