Navigating financial compliance requires transparency about the legitimacy of funds in transactions. Income sources are broadly categorized into two types:
- Source of Funds (SoF): Identifies the origin of money for a specific transaction, such as salary, savings, loans, or asset sales.
- Source of Wealth (SoW): Traces the accumulation of an individual’s total financial assets over time, including employment, business ownership, investments, or inheritance.
Below, we outline accepted documentation for verifying SoF and SoW.
Why Do I Need to Provide SoF and SoW Proof?
As a regulated financial service provider, we’re obligated to maintain updated client information for secure trading. To meet regulatory standards, we may request additional details or documents related to your SoF/SoW.
How to Submit Documents
- Ensure the latest app version is installed.
Submit clear, legible documents:
- All content must be fully visible (no cut-off or obscured sections).
Verify that:
- Details are accurate and up-to-date.
- Amounts in documents are entirely visible.
Acceptable Proof Documents
| SoF/SoW | Document Type | Requirements |
|---|---|---|
| Salary | Payslip | Issued within the last 3 months. |
| Bank Statement | Shows salary/deposits (last 3 months). | |
| Business Ownership | Tax Document | Displays business income (last 12 months). |
| Accounting Letter | Confirms ownership (last 3 months). | |
| Investment Income | Brokerage Statement | Issued within the last 3 months. |
| Crypto Exchange Wallet | Exchange Statement | Shows wallet name/address (last 3 months). |
| Mining Rewards | Mining Payment Proof | From recognized platforms (e.g., 2Miners). |
| Asset Sales | Brokerage Account Statement | Details securities sales. |
| Inheritance/Gifts | Certified Will | Officially notarized. |
| Loans | Loan Agreement | Includes client name and loan amount. |
| Gambling Winnings | Tax Record | Shows lottery/gaming income. |
👉 Explore compliant financial practices
FAQs
Q1: Why is SoW verification stricter than SoF?
A1: SoW assesses lifetime asset accumulation, requiring deeper historical data to ensure long-term legitimacy.
Q2: Can I submit expired documents?
A2: No. Documents must be recent (typically within 3–12 months) to reflect current financial status.
Q3: How are crypto transactions verified?
A3: Via exchange statements or wallet transaction histories showing ownership and activity.
Q4: What if my income source isn’t listed?
A4: Contact support with alternative proof (e.g., legal settlements or unique employment contracts).
👉 Learn more about document requirements
Key Terms: Source of Funds, Source of Wealth, Financial Compliance, Asset Verification, Regulatory Documentation