FAQs
Frequently Asked Questions
Source of Funds
- Why do financial institutions ask customers about the source of their income/wealth?
- What is meant by source of funds?
- What are some of the types of questions customers may expect to be asked in relation to source of funds?
- Will customers also be required to provide documentary evidence of the source of funds?
- How do institutions treat the information received from customers?
- Is the information requested because the institution suspects criminal activity?
- What could happen if a customer does not provide the requested information?
Proceeds of Crime Act (POCA)
- What is the Proceeds of Crime Act?
- How has POCA affected what is considered to be money laundering?
- How has POCA affected what financial institutions are to do about money laundering?
- Can persons’ accounts be frozen based on POCA?
- If consent is required, rather than freeze an account, could the institution not just request consent for all transactions?
- What will a financial institution be able to tell a customer about his/her suspect transactions?
- Does POCA affect financial institutions’ decisions about closing accounts?
