The local AML guideline states that you should know your customer's "source of fund".

What is the difference between "source of fund" and "source of wealth".

What is sourc of fund : does it mean by cash deposit, by wire transfer......

The source of wealth would be more overall whereas the source of the funds is more specific to a transaction.

i.e. when opening a new account, if the opening deposit is $100M - what is the source of funds? - Answer: business account at Bank XYZ.

Source of wealth would be where the person overall makes his monies from - Investments, Oil, Inheritance etc.

Thanks Magicperson.
My problem is for a high risk customer (due to reason of his nationality), do I need to constantly know his source of fund through the life of the account realtionship ?

Yes, pretty much.

Perhaps the better question would be, "What's your source of fun?" That would make for a much more interesting conversation and might actually reveal more useful information! AR.

Oh, yes, reading the forum is a major source of fun !