What are Source of Funds (SoF) and Source of Wealth (SoW)?
What are Source of Funds (SoF) and Source of Wealth (SoW)?
Navigating the requirements for proving the legitimacy of funds in financial transactions is crucial for maintaining compliance and transparency. Income is generally divided into two categories:
Source of Funds (SoF): Specifies where the money for a particular transaction comes from, such as income, savings, loans, or the sale of assets.
Source of Wealth (SoW): Refers to the origin of an individual's overall financial assets, typically accumulated over time through means such as employment, business ownership, investments, or inheritance.
Find the types of documentation accepted as proof for various SoF and SoW here.
Why do I need to provide proof of SoF and SoW?
As a regulated financial services company, we’re required to keep customer information up to date for a safe trading experience. As part of our ongoing efforts to meet these regulatory requirements, we may need to request additional information and supporting documents related to your SoF and SoW in certain cases.
How do I upload the documents?
Make sure your app is updated to the latest version.
Make sure your documents are clear and legible:
All content should be fully visible, without any parts cropped or obscured.
When submitting your documents, make sure that:
The details provided are accurate and current, reflecting your business transactions or income source.
The amounts on the documents are fully visible.
What are the acceptable proof documents?
SoF/SoW | Document Type | Description |
|---|---|---|
Salary | Payslip | Issued within the last 3 months |
Bank Statement | Shows salary deposits/employment income (past 3 months) | |
Tax Document | Shows employment income (past 12 months) | |
Letter of employment | Issued within the last 3 months, with employment confirmation and salary details | |
Others | Issued within the last 3 months, with employment confirmation and salary/compensation details | |
Business ownership | Bank Statement | Shows income payments (past 3 months) |
Tax Document | Shows business income (past 12 months) | |
Accountant Letter | Issued within the last 3 months with business ownership confirmation | |
Distribution Record | Shows recent profit withdrawals or distributions | |
Others | Issued within the last 3 months with compensation or business ownership confirmation | |
Investment returns | Investment Account Statement | Issued within the last 3 months |
Retirement Account Statement | Issued within the last 3 months | |
Brokerage Statement | Issued within the last 3 months | |
Bank Statement | Shows investment income (past 3 months) | |
Tax Document | Shows investments (past 12 months) | |
Others | Issued within the last 3 months with funds confirmation | |
Exchange wallet | Exchange Statement | Issued within the last 3 months and showing name/wallet address |
Sale Receipt/Confirmation | Shows recent crypto asset sales from centralized crypto exchanges (For example: OKX, Binance, Coinbase) | |
Bank Statement | Shows crypto asset sale profits | |
Tax Statement | Shows crypto asset sale profits | |
Others | Issued within the last 3 months and shows wallet ownership | |
External/unhosted wallet | Transaction History | Provide screenshots or exported files of your wallet transaction history |
Tax Statement | Shows declared crypto holdings or capital gains from crypto assets | |
Others | Issued within the last 3 months Shows evidence of ownership of the unhosted wallet, including the wallet address. | |
Crypto mining | Mining Payout Statement | Shows mining rewards |
Mining Monitor Screenshots | Must be from recognized platforms (For example: 2Miners, Nanopool) | |
Equipment Purchase Receipt | Shows ownership of mining hardware | |
Tax Document | Shows mining income claims | |
Others | Proves mining operation | |
Sale of assets (non-digital) | Brokerage Account Statement | Shows the sale of securities |
Sale Record | Shows official transaction records | |
Legal Professional Letter | Shows asset sale details (For example: Lawyer's confirmation) | |
Bank Statement | Shows the transaction history of received funds from sale proceeds | |
Tax Statement | Shows property/capital gains | |
Others | Shows sale of assets details (including customer's name, sale amount and date) | |
Inheritance, grant or gift | Will/Testament | Must be officially certified |
Grant of probate | Must be an official court document | |
Distribution Statement | Shows inheritance amount | |
Tax Statement | Shows inheritance amount received | |
Bank Statement | Shows inheritance transfer | |
Gift Letter | Must be notarized | |
Transfer Record | Must show transfer history | |
Others | Must show the transfer of assets (as part of an inheritance or gift) | |
Government benefits | Benefits Statement | Issued within the last 3 months |
Provider Letter | Shows confirmed benefit amount in the past 3 months | |
Bank Statement | Shows deposited benefits Issued within the last 3 months | |
Loan or credit | Loan/credit agreement | Shows customer name and loan/credit amount |
Loan/credit account Statement | Shows customer name and loan/credit balance | |
Crypto transaction History | Provide screenshots or exported files of borrowed/supplied transactions | |
Gambling winnings | Tax Record | Shows gambling/lottery income |
Bank Statement | Shows received funds from gambling winnings | |
Professional Letter | Shows confirmed gambling activities | |
Others | Issued by government or lottery authority Shows evidence of gambling or lottery winnings | |
Legal settlements | Settlement Document | Shows settlement amount |
Insurance Settlement | Shows insurance payout |