Source of Funds (SoF) basically explains where the “money” you will be using to fund transactions with Banxa originate from. This is to ensure that your funds are from legitimate sources.
So I need to provide documentation as proof of SoF?
Yes, ONLY IF it has been requested by Banxa’s Compliance Team. Like banks and other financial institutions, we request such documentation to meet our regulatory obligations. Therefore, this is a matter of standard practise and nothing to be worried about.
Doing business the right way, meaning complying with applicable laws, is at the core of everything we do.
What documents do I need to provide as proof of SoF?
Please see the list of ACCEPTABLE documents in the table below and remember the following points:
- Your document should clearly show your NAME, DATE and AMOUNT.
- Your Source of Funds should reflect your recent transactional activities.
Type of Source of Funds
|
Suggested evidence
|
| Personal Savings/ Bank Statements | - Recent 3 months bank statements showing sufficient account balance covering your recent transactions with Banxa.
|
| Salary | - Payslip (no older than three months); OR
- Salary statement (no older than three months); OR
- Employment contract; OR
- Tax return (most recent) AND
- Bank statement displaying the payment
|
| Business Income/Profits | - Business tax return; OR
- Tax statement for self-employed; OR
- Financial statement and a document showing ownership of the business; OR
- Bank statement for business account (no older than three months) and a document showing ownership of the business
|
Pension | - Pension details; OR
- Fund statement (if available); AND
- Bank statement displaying the payment
|
| Government Benefits | - Details of the government benefits; AND
- Bank statement displaying the payment
|
| Income from cryptocurrency trading | - Screenshots of the exchange account displaying account details; AND
- Screenshots of the transaction history, or an extract of the trade report; AND
- Bank statements showing fiat received in exchange of sale of cryptocurrency; OR
- Description of a large trade and evidence to support
|
| Income from investments (e.g. shares, bonds, investment funds) | - Payment receipts containing information of the buyer and seller; AND
- Bank statement displaying the payment
|
| Income from sale of real estate or other property | - A copy of the contract of sale; OR
- A copy of the land registry/Certificate of Title (or its equivalent); OR
- A letter from a real estate agent or lawyer confirming the sale of the property; AND
- Bank statement displaying the payment
|
| Income from renting/leasing | - Rental agreement; AND
- Bank statement displaying the payment
|
| Private loan from family members, friends/others | - Loan agreement (if any) or documentation with details of the private loan; AND
- Bank statement displaying the payment
|
| Loan from bank | - Loan agreement; AND
- Bank statement displaying the payment
|
| Inheritance | - A copy of the will; OR
- Signed letter from solicitor, grant of probate or letter from executor; AND
- Bank statement displaying the payment
|
| Gift | - Documentation identifying the gift and the identity of the donor; AND
- Bank statement displaying the payment
|
| Others | - Other official documents showing the source of funds which support your recent transactions with Banxa
|
