What is a Source of Funds check?

What is a Source of funds (SOF) check and why do I need to provide this? 

Source of funds (SOF) checks are a routine check carried out by our compliance department to ensure that we are protecting our customers and our business from illicit funds passing through our platform. This is something that we are required to ask for by law. The aim of a source of funds check is for us to be able to see where the funds used for your transaction have originated from. 

What does this mean for me as a customer? 

Simply put, we require you to provide evidence of where your funds originated from to demonstrate that these funds are legitimate. For the vast majority of customers this can be proven by simply providing payslips or bank statements, or an export of your trade history. 

Our compliance team will then review these documents and once satisfied that you have provided adequate documentation our team will approve your transaction and the source of funds check is complete. 

What type of evidence can I provide during my source of funds check? 

There are many different ways that customers fund their crypto transactions. The important part is that whatever documentation you provide clearly shows how you received the funds used to make your transaction with us. Examples of this could be: 

  • Savings bank statements 
  • Payslips showing your salary income
  • Pension plan statements 
  • Sale receipts for shares or commodities, or crypto investments
  • Inheritance documents 
  • Lottery winnings 

It's also important to note that these documents must be in your own name, and be date stamped so we can confirm they belong to you. 

What if I can't provide a source of funds?

If you have been asked to provide source of funds documentation and are struggling to do so, we would encourage you to be as transparent as possible with our compliance team who can guide you through the process and hopefully avoid the need to suspend your account with us. 

As these checks are required under law, If you are unable or unwilling to provide source of funds documents, our compliance team will carry out an internal review and decide on the most appropriate next steps. This may take some time so please be patient with us.

Was this article helpful?
3 out of 4 found this helpful
Have more questions? Submit a request


Article is closed for comments.