What is Source of Funds Evidence?

You may be required to prove the legal source of any funds used to purchase on Coindeck. This is a legal requirement designed to prevent money laundering or terrorist funding. Below is a list of possible funding sources along with some suggestions of possible supporting evidence you could provide. Providing the appropriate supporting evidence to your source of funds can be difficult because every situation is unique. Our agents are standing by to assist, we recommend you call to discuss your specific circumstances.

Employment Income/ Salary

You should declare your source of funds as employment or salary if you saved it over the last 6 months from legally obtained income from your employment.

You can provide one of the following
• A pay stub
• An employment contract
• A letter from your employer
• A bank statement showing regular/repeated deposits from your employer.

Savings

Many clients find the term ‘savings’ confusing. In fact, all funds used to purchase on Coindeck were probably ‘saved’ in some way.

Only funds that have been saved in a bank account or term deposit registered in your name can be considered “savings” for the purposes of SOF.

What is not considered savings:
• If you saved a portion of your salary for a period of less than 6 months you should choose “Employment or Salary” as your SOF.
• If you have invested your savings in stocks, bonds, or other intangible assets you should choose “Sale of Intangible Assets” as your SOF
• If your received cash payments for services rendered, you must declare this as either Employment Income or Company Profit.

You can provide one of the following,
• A bank statement for the last 6 months
• A letter from your bank confirming the funds have been saved for more than 6 months
• Statements of term deposits

Company profits/ dividends

When you have shares in a company you can provide any statement that includes the following.

1. Company's details (registered name, number, date, and address)
2. Amount or percentage of the dividend/ shares/ profit
3. Name of the beneficiary (You)
4. Date of distribution
5. Amount of profit

If you own your own company the following documents may be provided

• Company’s audited financial balance sheet of the past year
• Company’s unaudited financial balance sheet current year - approved by CPA (accountant) or a lawyer
• A formal letter from a CPA or a lawyer that contain company registration information and annual profits.

Inheritance

Provide one of the following:

• A duly executed Inheritance Order (verified by a lawyer or a notary)
• A copy of the will and the death certificate of the deceased.
• A bank statement showing the funds entering the account and the death certificate of the deceased.
• A letter from the executor of the will

Formal Loan: From a bank or a company

You can provide one of the following,

• An official loan contract.
• Bank statement showing the loan entering the account.
• Letter from the bank or company describing the terms of the loan.
• Notification that the loan application was approved.

For the supporting documentation to be approved, it must clearly display all the following information.

1. The date of the loan
2. The name of the company providing the loan
3. The name of the person receiving the loan
4. The amount of the loan.

Private loan: From a private person, friend, or family

You can provide one of the following,
• A letter from the person providing the loan & a copy of their ID.
• A formal loan contract

For the supporting documentation to be approved, it must clearly display all of the following information.

1. The date
2. The lender's full name, address, and ID number
3. The borrower's full name address, and ID number,
4. The amount of the loan
5. The repayment terms.

(In some cases the lender may also need to provide a source of funds evidence)

Gift/ Family support

You can provide one of the following,
• A letter from the person giving the gift & a copy of their ID.

For the supporting documentation to be approved, it must clearly display all of the following information.

1. The date
2. The full name, address, and ID number of the person giving the gift
3. The recipient's full name, address, and ID number.
4. The amount of the gift
5. The relationship between the 2 parties

(In some cases the person providing the gift may also need to provide a source of funds)

Profits from a rental property

You should provide a rental agreement that contains the following information.

1. Your name (property owner)
2. date
3. rental price
4. Name of the tenant

Sale of property

You can provide one of the following,

• Official contract of sale
• Unofficial contract of sale
• Bank statement showing the funds entering your account.

The contract should include:

• Personal details of the seller (name, address, ID number)
• Personal details of the buyer (name, address, ID number)
• Full address of the property
• Date of sale
• Amount of sale

Sale of an intangible asset (stocks, bonds, term deposits, etc….)

You can provide a statement, agreement, or contract that reflects the sale of the asset and includes the following information.

• Personal details of the seller (name, address, ID number)
• Reference number or description of the asset.
• Date of sale
• Amount of sale

Deposits (pension or education funds)

You can provide a formal document from the company that managed deposits/ pension, education funds which include the following information,

• Recipients name, address, and/or ID number
• The number of the policy that was extracted
• The amount of the policy
• The date the policy was extracted