When investors receive an email with a request to prove a source of their funds, they may feel frustrated: "My money belongs to me, why would anyone be interested in where they come from?”
In practice, this procedure provides additional protection for your investment and normally goes smoothly and fast.
Here we have the answer to the most frequently asked questions about verifying the origin of funds.
Source of funds (SOF) is a legal term and, as a regulated financial services institution, it is our legal obligation to ask you to send us some form of a proof that you’ve earned or otherwise acquired your deposited funds from a legitimate source. This may be your salary, a loan, your savings, a sale of tangible assets or other origin.
This legal responsibility is in line with a standard international practice formalised by the Financial Action Task Force (FATF). The FATF is an independent intergovernmental body which aims to develop and promote policies intended to protect the global financial system from activities connected with money laundering and terrorist financing. Countries including the USA, China, Russia and the European Union adhere to these policies.
Elements of this responsibility are also incorporated into the national legislation of the Republic of Belarus where Currency.com is registered. Therefore, we comply with FATF policies as well as the provisions of Law 165-3 of the Republic of Belarus.
Compliance with the highest standards of anti-money laundering (AML) and counter-terrorist financing (CTF) allows us to offer most favourable terms and conditions to administer transactions with tokens.
At Currency.com, safety of your personal data and funds is one of our primary priorities. The information you provide is stored using the newest security and encryption methods, PGP/GPG for coding emails, discrete system for checking documents which rules out any data misuse.
To protect you and all our clients, we encourage our users to ensure that the funds flowing into Currency.com have a bona fide nature. As Thomas Jefferson said: "Constant vigilance is the price of freedom". Crypto freedom.
And yet, there are several very important reasons why we should do this:
- To verify that transactions are carried out by yourself being a genuine trading account owner
- To provide additional protection for your investments
- To anticipate and prevent any financial crimes, thus increasing the safety of funds of all our clients
- To comply with the relevant anti-money laundering and counter-terrorist financing laws and regulations including FATF Recommendations.
Currency.com has a financial monitoring department. The primary duty of money laundering reporting officers is to check that clients’ funds are not connected with any illegal activities and to ensure that Currency.com complies with all the relevant laws and regulations.
As soon as the funds deposited in your account exceed 20,000 USD in token equivalent(approximately 18,000 EUR), we will send you a notification asking to provide a proof of origin of your funds.
When you get this message from us, you will simply need to send us a copy of one of the documents listed below. A copy (a colour scan or a photo) should be of a high quality (clear, not blurry, in good light); a document should be quite recent (normally not older than 1 year) and include all the relevant information which should be clearly readable.Payment for your work (salary or remuneration)
- payslips from the past three months
- work contract
- subcontractor’s agreement
- bank statements reflecting the accrual of funds
- tax returns, acts of work performed/services provided
- other relevant contracts (for self-employed, craftsman)
- other documents confirming the accrual of funds for work performed/ services providedSavings
- bank statement (or any other letter from your bank) showing the current balance of your bank saving account (credits/receipt/transfers)
- contract with your bank confirming your savings
- certificate/ letter of receipt of income from interest rate
- bank statement showing transactions from your saving to your current account
- other documents confirming your savingsSale of property or other tangible assets
- contract of sale of real estate (land, car or other tangible assets) belonging to you
- bank statement (a letter from your bank) showing the accrual of funds from a sale of property or other tangible assets
- other documents confirming a sale of propertyCryptocurrency
- a record showing your cryptocurrency balance and any deposits and withdrawals made for the past 3 months
- transaction history and screenshots confirming that you own a crypto wallet or account
- statement of funds transfer to/from a crypto platform or other entity providing services similar to Currency.com
- other documents confirming the ownership of deposited cryptocurrencyLoan or credit
- a copy of your loan or credit agreement and bank statement showing funds received, as well as relevant bank statements reflecting any transactions with these funds
- a copy of your microcredit agreement and a bank statement confirming the receipt of funds
- other documents confirming any credit allowanceInheritance
- a certificate of inheritance and a bank statement confirming funds received
- bank statement reflecting transactions with these funds
- other documents confirming funds received by inheritanceDivorce
- Statement (or a letter) confirming the receipt of funds from your ex-spouse to your bank account
- other documents confirming the receipt of funds from your ex-spouseCourt order (Injunction)
- injunction from a court resolving a dispute on its merits
- bank statements that reflect the movement of received funds
- other documents confirming financial compensation by a court order
Your source of your funds can also be:
- rent (relevant contracts)
- lottery win
Please make sure you have a relevant letter/ legal record of receiving funds from these sources.
Please note that the use of some resources and services, in our view, may be unsafe. Below is the list of popular services, the funds originated from which we won’t be able to accept.
If you have any doubts about the source of your funds, please contact us on our app or at firstname.lastname@example.org before depositing money to your trading account.ATMs
- SatoshiPointDarknet market (shadow market)
- Hydra Marketplace
- Russian Silkroad
- Silkroad 2.0Darknet services
- CC CliniqueCrypto platforms and/or crypto exchanges
(Please note, the list can be updated)
- BovadaServices illegal in certain jurisdictions
- The Pirate Bay
- Raccoon StealerServices mixing (deanonymising) clients funds
- Bitcoin Fog
- Bitcoin MixServices used to block access to information
- Cerber Ransomware
- Locky Ransomware
- Chain GroupStolen tokens Anonymising services:
- Samurai Whirlpool
You don’t have to worry about when and what documents to submit for the source of funds. We will send you an email when the time comes.
However, if you are making a large payment to your trading account, we would appreciate if you send a copy/ photo of relevant documents in advance. This will help to speed up the process of funds transfer. We aim to process a verification of the origin of funds within 30 minutes occasionally, it may take up to 24 hours). You can send your documents to email@example.com or submit on our app.
If you have any questions about confirming the origin of your funds and the procedure, get in touch with us at firstname.lastname@example.org or on our chat.