AUSTRAC has released new draft guidance for consultation to help reporting entities understand and undertake source of funds (SoF) and source of wealth (SoW) checks on relevant customers. Reporting entities must ensure they have procedures built into their AML/CTF programme on when and how they establish a customer’s SoF and SoW.

https://www.austrac.gov.au/sites/default/files/2022-02/Draft%20guidance%20-%20source%20of%20funds%20and%20source%20of%20wealth_0_0.pdf