Art. 27 Additional information on the source of funds, and source of wealth of the customer and of the beneficial owners | RTS on customer due diligence | AML

This article sits within the enhanced due diligence framework, directly supporting Article 34(4), point (c), of Regulation (EU) 2024/1624.

It sets out what obliged entities must do when they need to go further than standard measures to verify the legitimacy of a customer's or beneficial owner's source of funds and source of wealth.

The article provides a broad, non-exhaustive menu of documentary evidence that obliged entities can draw upon to satisfy themselves that the money or assets in question derive from lawful activities, ranging from tax declarations and pay slips through to property deeds, inheritance documents, and information from reputable media or commercial data providers.

Important points:

Obtain additional information on source of funds and source of wealth of both the customer and beneficial owners to confirm these are derived from lawful activities.
The list of acceptable evidence is wide and flexible, covering income proof, audited accounts, property records, sale contracts, asset registers, and media or commercial sources.
As a catch-all, any information from independent and reliable sources that provides a high degree of reassurance and is consistent with the obliged entity's knowledge of the customer and the business relationship is also acceptable.

For the purposes of Article 34(4), point (c), of Regulation (EU) 2024/1624, obliged entities shall obtain such additional information on the source of funds, and source of wealth of the customer and of the beneficial owners, that will satisfy them that the source of funds or source of wealth is derived from lawful activities. Such information may include one or more of the following:
1. in relation to proof of income:
  tax declarations;
  recent pay slips or employment documentation specifying at least the amount of salary;
  other official income statements;
2. audited accounts, investment documentation, credit facility agreements and loan agreements;
3. in case of immovable property, public deeds, or abstract from the land or residents registry;
4. inheritance, gifts and legal settlements documentation, documentation from certified independent professionals or public authorities;
5. contract of sale or written confirmation of sale;
6. information from reliable asset or public registers;
7. authentic information from reputable media publications or reputable commercially available service providers;
8. any other relevant information from independent and reliable sources, providing a high degree of reassurance that the customer’s and beneficial owners’ source of funds, and source of wealth are not the proceeds of criminal activity and are consistent with the obliged entities’ knowledge of the customer and the nature of the business relationship.