Source of Funds and Wealth guide
Updated yesterday

In some circumstances, we will need to ask you for verification of your source of funds and/ or your source of wealth. Please refer to the explanations and verification options below to help you understand what is required when submitting an application.

What is 'source of funds'?

Source of funds refers to the origin of the funds to be used in a transaction or received into an account. We are required to verify that your funds will be coming from a legitimate source.

Source of Funds verification options

You may choose from one of the available options.

Source of funds

Verification options

Business revenue

  • Corporate bank statement showing incoming payments from customers

  • Contracts with customers

  • Invoices (only if supported by bank statements showing corresponding incoming funds)

External shareholder investment (e.g. VC or crowdfunding)

  • Independent media coverage about VC investment injection

  • Copy of investment contract with details of all parties, the amount invested

  • Bank statement showing receipt of funds and investment company

  • Signed letter from an investment company/provider detailing funds (on letter-headed paper)

  • Signed letter from a qualified accountant/ solicitor in relation to the investment

  • Crowdfunding online profiles

UBO investment/capital (individual)

  • See table below for UBO source of wealth options

Loan, advances and other borrowing

  • Copy of loan agreement and details of any security/ collateral held

  • Copy of loan statements

  • Bank statement showing receipt of funds and the loan provider name

Intercompany transfers

  • Bank statement showing receipt of funds and the mother/sister company name

  • Signed letter from mother/sister company detailing funds (on letter-headed paper)

  • Signed letter from a qualified accountant/ solicitor in relation to the funds

Donations or grants

  • Government/NGO grant letter/contract

  • Notification about the grant on the gov/NGO website

Proceeds of sales of assets

  • Tax returns on the sale of the assets

  • Copy of the contract for sold company assets

  • Copy of the contract for sold private/UBO assets

Other (free text)

  • Dependent on input

What is 'source of wealth'?

Source of wealth refers to the origin of an individual’s entire net worth, and an understanding of the activities that generated that wealth over the long term. Source of wealth is not limited to the funds that will be received in the account.

Source of wealth verification options

You may choose from one of the available options.

SOW sources

Acceptable documents

Employment

  • Payslips

  • Bank statement showing records of payroll deposits into personal accounts

  • Employment verification letter

  • Income tax returns

Property/assets

  • Lease agreements

  • Rent payment records

  • Property appraisal reports

  • Real estate investment income statement

  • Project contract

Investments

  • Investment account statement

  • Dividend payment records

  • Interest income statement

  • Capital gain reports

  • Contract notes

Inheritance

  • Will

  • Lawyer & Attorney's letter

  • Probate

  • Inheritance tax returns

  • Certified court-approved inheritance documents

  • Bank statement of inheritor

Other

  • Gift letter

  • The bank statement of the donor

  • Business bank account statement

  • Pension statement

  • Intellectual property licensing agreement

  • Government subsidy or grant notification

  • Artwork sales contract

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