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Source of wealth and source of funds – enhanced due diligence

When enhanced due diligence applies, providing the right source of wealth and source of funds evidence in advance of sending any payments helps avoid delays to processing. This page highlights what advisers most commonly need to provide.

When enhanced due diligence is required due to monetary triggers

Enhanced due diligence (EDD) applies when a client invests:

  • A single investment of £1.5 million or more;
  • Multiple linked investments which collectively total £1.5 million or more; or
  • A monthly direct debit of £12,500 or more, regardless of the duration for which the direct debit is established.

  • EDD may also be required where other higher-risk factors are present . Where these apply, additional information/ evidence may be requested under the EDD Framework. (refer to sscpaymentqueries@quilter.com for further guidance). 

Applies to:

Source of wealth (SoW)

Please confirm how the client has accumulated their overall wealth. This may include multiple contributing sources.

Supporting documents that demonstrate how the funds for this investment were obtained. The type of evidence required will depend on the source of wealth - please refer to the guidance document for full details of what is acceptable.  All documents must be certified.

Proof of funds (POF)

Must show the origin and accessibility of the money being invested.

Supporting documents that demonstrate how the funds were received and where they are held now. The type of evidence required will depend on where the money is held - please refer to the guidance document for full details of what is acceptable. All documents must be certified.

Common source of funds scenarios

Below are the most common source of funds scenarios and the types of evidence we typically accept.

Sale of interest in a company

Information required:

  • Name and address of the company sold.
  • Nature of the business of the company.
  • Name of entity that held the shares or investment.
  • Address of entity that held the shares.
  • How the shares/interest were sold (e.g., stockbroker, bank, agent).
  • Description of the shares/interest sold.
  • Length of time the shares/interest were held.
  • Currency and total amount received for the sale.
  • Date proceeds were received.

Documentary evidence required (must be certified):

One of the following:

  • Signed letter from solicitor or lawyer validating the details plus bank statement showing receipt.
  • Signed letter from regulated accountant plus bank statement showing receipt.
  • Copy of contract of sale plus bank statement showing receipt.  

Compensation Payment

Information required:

  • Name of organisation/individual paying compensation.
  • Reason for the compensation.
  • Total amount received (currency).
  • Date received.

Documentary evidence required (must be certified):

One of the following:

  • Court order or formal letter from the compensating body plus bank statement showing receipt.
  • Signed letter from solicitor/lawyer handling the settlement plus bank statement showing receipt.

Gift

Information required:

  • Name of the donor.
  • Relationship between donor and client.
  • Reason for the gift.
  • Description of gift.
  • Total amount received (currency).
  • Date received.

Documentary evidence required (must be certified):

  • Identification documentation for the donor plus bank statement showing receipt.
  • Letter from the donor confirming the gift and source of funds plus bank statement showing receipt.
  • Documentary evidence of donor’s source of wealth plus bank statement showing receipt.

Income from employment/income from business

Information required:

  • Details of annual salary and bonuses.
  • Details of regular drawings (if self-employed).

Documentary evidence required (must be certified):

One of the following:

  • 3 months’ worth of recent payslips/bonus slip plus bank statement showing receipt.
  • Recent self-employed accounts plus bank statement showing receipt.
  • Bank statement showing three months of salary credits plus bank statement showing receipt.
  • Employer letter confirming salary on headed paper plus bank statement showing receipt.

Other unearned income

Information required:

  • Nature of income (e.g., rental, dividends, interest).
  • Total amount received (currency).
  • Date received.

Documentary evidence required (must be certified):

  • Supporting documentation evidencing income plus bank statement showing receipt.
  • Signed accountant letter detailing income plus bank statement showing receipt.

Inheritance

Information required:

  • Donor’s name and relationship to the client.
  • Date of donor’s death.
  • Details of assets forming inheritance.
  • Total amount received (currency).
  • Date received.

Documentary evidence required (must be certified):

One of the following:

  • Grant of probate with copy of the will plus bank statement showing receipt.
  • Copy of the will plus bank statement showing receipt.
  • Letter from solicitor administering the estate plus bank statement showing receipt.

Investment (general)

Information required:

  • Amount of investments held.
  • Where the investments are held.
  • Nature of investments (equities, funds, bonds etc.).

Documentary evidence required (must be certified):

  • Investment certificates, contract notes or statements plus bank statement showing receipt.
  • Confirmation from the investment provider plus bank statement showing receipt.
  • Signed accountant or solicitor letter plus bank statement showing receipt.

Loan

Information required:

  • Name of lender.
  • Address of lender.
  • Reason for loan.
  • Total loan amount (currency).
  • Date of drawdown.

Documentary evidence required (must be certified):

  • Signed lender letter on headed paper plus bank statement showing receipt.
  • Loan statement confirming details plus bank statement showing receipt.

Maturing policy/policy claim/replacement policy

Information required:

  • Reason for the policy claim or replacement.
  • Name of insurer issuing the policy.
  • Name(s) of policyholders.
  • Total amount received.
  • Surrender penalties (if any).
  • Date proceeds were received.

Documentary evidence required (must be certified):

One of the following:

  • Letter from previous provider regarding proceeds plus bank statement showing receipt.
  • Closing statement from the insurer plus bank statement showing receipt.

Property sale

Information required:

  • Address of property sold (including postcode).
  • Total sale amount.
  • Date of sale.
  • Amount the client received.

Documentary evidence required (must be certified):

One of the following:

  • Solicitor or lawyer letter plus bank statement showing receipt.
  • Estate agent letter (if applicable) plus bank statement showing receipt.
  • Copy of contract of sale plus bank statement showing receipt.

Sale of shares (company)

Information required:

  • Name of company whose shares were sold.
  • How shares were sold (e.g., stockbroker).
  • Length of time shares were held.
  • Currency and amount received.
  • Date proceeds received.

Documentary evidence required (must be certified):

One of the following:

  • Legal sale documentation plus bank statement showing receipt.
  • Contract notes plus bank statement showing receipt.
  • Broker statements plus bank statement showing receipt.

Sale of shares

Information required:

Name of company that held the

  • Name of company that held the

    • shares (e.g. bank,stockbroker or insurance company)
  • Address of the company that held the shares
  • One of the following:
    • Legal sale documents
    • Copy of contract notes
    • How shares were sold, e.g. bank,
    • stockbroker or other agent(if applicable)
    • Length of time shares held
    • Currency and amount received for sale 
    • Date proceeds received

Documentary evidence required (must be certified):

One of the following:

  • Legal sale documentation plus bank statement showing receipt.
  • Contract notes plus bank statement showing receipt.
  • Broker statements plus bank statement showing receipt.

 

Competition or gambling win

Information required:

  • Date of win.
  • Amount won.
  • Name of organisation providing winnings.

Documentary evidence required (must be certified):

One of the following:

  • Signed letter from awarding organisation; alongside bank statement showing receipt.

Divorce settlement

Information required:

  • Name of parties involved.
  • Date of settlement.
  • Amount awarded (currency).
  • Any relevant supporting details.

Documentary evidence required (must be certified):

One of the following:

  • Signed solicitor/lawyer letter plus bank statement showing receipt.
  • Copy of divorce papers plus bank statement showing receipt.

Proof of funds – what evidence is required:

  • A certified copy of the client’s bank statement showing the available funds for investment.
  • A certified copy of the client’s most recent valuation, where the funds are held with a third‑party provider.
  • If the funds are being transferred directly from the solicitor’s bank account, a redacted statement showing only the client’s payment.

Important notes:

  • Statements should cover the last three months of account activity.
  • The client’s name must be clearly visible on the statement.
  • Please provide the most recent statement available.
  • We require full copies of statements. Screenshots from mobile devices will not be accepted.