If we have asked you about the source of funds or source of wealth, this article explains what those terms mean and what to send. It is a standard question in regulated finance — banks and payment providers ask it too — and being asked does not mean there is any concern about your account.
What the two terms mean
Source of funds is where the money being used comes from — for example company revenue, an investment into the business, or a loan.
Source of wealth is the wider picture: how an owner built up their wealth over time. For example through employment, running a business, dividends, the sale of a company or property, or an inheritance.
The two are often mixed up, which is why we sometimes receive documents for one when the question was about the other.
Why we ask
As a regulated company, we are required to have a general understanding of the background of the businesses we work with. It is part of the same set of rules that covers identity documents and company records — a routine step, not a judgement about your business.
What to send
Two things work well together: a short explanation in your own words and one document that supports it. A few sentences are usually enough.
Any of the following is normally suitable — whichever is easiest for you to obtain:
- a recent personal tax declaration;
- a personal bank statement;
- an employment agreement or payslips;
- proof of dividends received;
- documents showing the sale of a business, shares or property.
Our message will say whose details the question relates to, so you do not need to gather anything for everyone involved in the company.
Is this asked every time?
No. These questions are not part of every verification, and being asked once does not mean you will be asked again each time. What we need depends on the information we already hold and on what is relevant at that moment.
Where to upload
Documents of this kind are usually requested after your application has been submitted, so they belong in the Uploaded documents section of your business settings. See Where do I upload my verification documents? for details.
If you cannot provide what we asked for
Some documents do not exist in every country or for every type of business. If that is your case, simply reply to our message and explain — we can usually accept an alternative.