What is the SoF (Source of Funds) document and why do we ask for it?
Sometimes we are required to gather and authenticate additional information and documentation from our clients to adhere to customer due diligence and anti-money laundering regulations. A critical part of this procedure involves verifying the origin of funds.
Documents proving the Source of Funds should clearly show the origins of the capital with which you have transacted within the Axon platform. For substantial amounts, we ask for evidence and explanations about the acquisition and timing of these assets.
The documentation we may ask you to provide must meet these criteria:
Acceptable file types are .pdf, .png, .jpg, .jpeg
If it’s a photo or scan, it should be completely visible, including all four corners
Name, statement date, and transaction dates must be easily readable
All transaction details need to be clear and legible
Bank statements, pay slips, or other relevant documents should correspond to the specific time frame and reflect the latest financial status
For different sources of funds, the following proofs are acceptable:
Salary: A recent payslip from the employer (and/or a tax statement) PLUS a bank statement showing latest account balance. You must ensure that the name, date, and amounts are visible.
Sale of Property: Sale contract or related legal documents PLUS a bank statement showing the deposit of the sale proceeds. Name, amounts, and dates should be visible on both.
Savings: A bank statement showing savings equal to or exceeding the investment amount is needed. The statement should span at least three months, with name, dates, and amounts clearly visible.
Loan: Loan agreement PLUS a bank statement showing the loan deposit. Name, amounts, and dates are visible.
Inheritance: Furnish a copy of the will or relevant legal letter PLUS a bank statement showing the inheritance deposit. All documents should clearly display name, amounts, and dates.
Gift or Donation: An affidavit or donor letter explaining the gift PLUS a bank statement showing the deposit is required. Name, amounts, and dates should be visible on all documents.
Pension Fund: Details of pension fund (and a fund statement, if available) PLUS a bank statement showing the pension deposit. Name, amounts, and dates must be visible.
Tax Refund: A tax return showing the tax refund (not older than 12 months) PLUS a bank statement showing the deposit into the account. All documents should clearly display the name, amounts, and dates.
Other: Any official documentation that evidences the source of wealth and funds, ensuring the name, amounts, and dates are visible.
*You may hide certain sensitive details, such as social security number, credit card number, etc.
Note that for us to verify each document’s legitimacy, it should be minimally redacted, allowing clear visibility of all incoming and outgoing transactions.