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What Are Source of Funds and Source of Wealth?

What Are Source of Funds and Source of Wealth?

2023-10-20 03:16
Last updated: 23 Sep 2024

What are Source of Funds and Source of Wealth?

Source of Wealth (SoW) is where your wealth (money or assets) originated from. It’s the root of origin of your financial resources, the activities that generated or significantly contributed to your overall net-worth.
For example, your Source of Wealth could be your salary, an inheritance you received, a business you’ve built, or investments that have grown in value.
Source of Fund (SoF) specifically refers to the origin or the place where your particular funds being used comes from. In many cases, they are interconnected with your Source of Wealth. This is because the Source of Fund often reflects the use/movement of the wealth generated from a particular source.
For example, your Source of Fund is your bank account where you hold your personal savings. The funds in your bank account come from your salary, which is your Source of Wealth.

Why do I need to provide proof for Source of Funds and Source of Wealth to Binance?

To ensure users' account safety and security, Binance is committed to complying with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations. In our continuous efforts to fulfill regulatory obligations, we may need to gather additional information and supporting documents related to users’ Source of Funds (SoF) and Source of Wealth (SoW) in certain instances.

Acceptable documents for Source of Funds and/or Source of Wealth

Below is a non-exhaustive list of acceptable documents.
Please expand the sections below based on your Source of Wealth or Source of Fund type to view more details. Uploading the correct documents will help to expedite the verification process.
  • Payslip showing salary payment from the last 3 months;
  • Bank statement (showing transaction history with payroll details from the last 3 months);
  • Latest tax statement;
Note: The document should be issued in the name of the person(s) of interest (UBO or shareholder).
  • Latest Tax Statement;
  • Bank Statement showing monthly income payments from the last 3 months AND a business registration document.
Note: The document should be issued in the name of the person(s) of interest (UBO or shareholder).
  • Savings account statement showing the saved amount around the time the deposits were made and which indicates funding transactions.
  • Evidence proving how the savings have been generated.
Note: Personal savings are the accumulated wealth itself, not a method or means of acquiring wealth. The document provided should be able to articulate how that wealth was generated or accumulated. The document should be issued in the name of the person(s) of interest (UBO, Shareholder).
  • For Bank or Financial Institution Loans:
    • Loan contract showing amount and details AND;
    • Bank Statement displaying the loan deposit.
  • For Personal (Private) Loans - from natural persons:
    • Affidavit letter or contract confirming the loan AND;
    • Bank Statement displaying the loan deposit.
  • For Microfinance/P2P Lending Loans:
    • Loan contract showing amount and details AND;
    • Platform statements AND;
    • Bank Statement displaying the loan deposit.
Note: The document should be issued in the name of the person(s) of interest (UBO or shareholder).
  • Signed rental/lease agreement AND;
    • Bank statement, showing the latest rental/lease payment OR;
    • Latest rent/lease receipts.
  • Latest tax statement, proving the received passive income;
  • Other documents evidencing passive income (e.g., royalties, interests, affiliate marketing, staking etc.) for the latest month.
Note: The document should be issued in the name of the company or person(s) of interest (UBO or shareholder).
  • Signed letter (from the last 3 months) confirming the details of the allowance AND Allowance-provider's Identity document.
OR
  • Bank statement showing allowance payments (from the last 3 months) AND Allowance-provider's Identity Document
Note: The document should be issued in the name of the person(s) of interest (UBO or shareholder).
  • Sale statements from investment provider OR
  • The sale transaction receipts OR
  • Other documents proving the asset sale profit AND Bank statement showing the sale proceeds OR
  • Tax statements reporting the assets sale profit.
Note: Documents should be issued in the last 3 months (except tax statements/when not technically possible).
The sales must be executed before or within the deposit period. The document should be issued in the name of the person(s) of interest (UBO or shareholder).
  • Latest Dividend payment statements/Dividend distribution agreements;
  • Bank statement displaying latest dividend payment;
  • Latest tax statement mentioning dividend payments/company profits;
  • Latest audited company accounts detailing your dividend distributions.
Note: The document should be issued in the name of the company or person(s) of interest (UBO or shareholder). Documents should be signed, stamped, or digitally verified per local laws.
  • Latest Tax Statement showing annual day trading profit;
  • Letter from a certified financial advisor/accountant, confirming day trading activities and annual profit;
  • Last 1 year's Profit/trading statements showing total profit AND bank statement for the period showing the profit withdrawals
Note: The document should display personal details and the issuer logo. Screenshots of transaction history without displayed account details are not accepted.
  • Exchange or other statements showing the sale of crypto to fiat transactions OR;
  • Receipt or confirmation of the sale of crypto to fiat transactions AND Bank statement displaying the crypto-asset sale proceeds OR;
  • Tax statement detailing the crypto-asset sale capital profit.
Note: The documents should be issued in the last 3 months, except tax documents (it should cover the sales year). The sales must be executed before or within the deposit period. The document should be issued in the name of the company or person(s) of interest (UBO or shareholder).
  • Sales agreement or contract (outlining the terms, conditions, and sale price);
  • Settlement/Closing statements OR; ;
  • Letter from legal/real estate professional detailing the assets sale;
AND
  • Bank statement (showing the transaction history of the received funds from the sale proceed);
  • Tax statement reporting sale profit (showing the property or capital gains taxes paid on the sale, if any).
Note: For sales of joint assets - please declare only your portion of the sale (consistent with bank/tax statement proof)
The sales must be executed before or within the deposit period Bank statements should be issued in the last 3 months, tax statements and others should cover the sale period. Purchase contracts of Real estate/other assets are not accepted (only sale contracts). The document should be issued in the name of the company or person(s) of interest (UBO or shareholder).
  • Account statements and trade history - showing dates, assets types and amounts of transactions.;
    AND
  • Deposit and withdrawal records from the used P2P platforms
AND
  • Bank statement, showing counterparty P2P deposits OR;
  • Tax statement reporting P2P trading income;
    AND
  • Supporting documents to prove origin of trading capital
Note: The documents (except tax statement) should be issued within the last 3 months) and cover at least 1 year.The document should be issued in the name of the company or person(s) of interest (UBO or shareholder).
  • Copy of will and testament (outlining the distribution of assets and property in accordance with the deceased person’s wishes) OR;
  • Distribution statement from executor/administrator OR;
  • Tax statement reporting amount of inheritance received AND;
  • Bank statement (showing the transaction history of the received funds resulting from the inheritance);
Note: If you have sold inherited assets and deposited the funds with Binance, then options ‘Sale of Real estate or other assets’ should be used for verification. Bank statements must be issued in the last 3 months, tax statements should cover the inheritance year. Inheritance documents should be dated before or within the deposit period. The document should be issued in/containing the name of the company or person(s) of interest (UBO or shareholder).
  • Donation agreement (specifying the donor, recipient, and details of the gifted asset or funds);
  • Signed letter (from the last 3 months) confirming the details of the gifts/donation AND Donator's Identity document OR;
  • Charity/non-profit organization confirmation receipt detailing the gift/donation.
AND
  • Bank statement reflecting gift/donation deposit.
Note: Gift/donation documents should be dated before or within deposit period. The document should be issued in the name of the company or person(s) of interest (UBO or shareholder).
  • Account statements and trade history - from all platforms used for executing the arbitrage trades - showing dates, assets types and amounts of transactions;
    AND
  • Deposit and withdrawal records from the used Arbitrage platforms;
    AND
  • Bank statement, displaying arbitrage-related deposits OR;
  • Tax statement reporting arbitrage trading income;
    AND
  • Supporting documents to prove origin of arbitrage trading capital.
Note: The documents (except tax statement) should be issued within 3 months) and cover at least 1 year. The document should be issued in the name of the company or person(s) of interest (UBO or shareholder).
  • Pension/Social benefits statement from the provider (e.g. government, employer or insurer);
  • Letter from the Pension/Social benefits provider confirming the amount, frequency and period;
  • Bank statements showing Pension/Social benefits deposits.
Note: The documents must show payments from the last 3 months. The document should be issued in the name of the person(s) of interest (UBO or shareholder).
  • Confirmation on the Source of all total deposited Funds in your account from a Certified professional such as a lawyer, accountant, financial adviser, tax professional, confirming the origin of the funds and their amount.
Note: The documents must show the certifier's name; address, position; register numbers, other details and be signed and/or stamped according to the local legislation. The document should be issued in the name of the company or person(s) of interest (UBO or shareholder).
  • Last 1 year's Profit/gambling statements showing total profit AND bank statement for the period showing the profit withdrawals. (showing transaction history of received funds from gambling winnings);
  • Latest Tax Statement (detailing the related income tax payments of those gambling winnings).
  • Letter from a certified financial advisor/accountant, confirming gambling activities and annual profit.
Note: The document should be issued in the name of the person(s) of interest (UBO or shareholder). The document should display personal details and the issuer logo. Screenshots of transaction history without displayed account details are not accepted.
  • Any type of relevant documentation that can be used to verify the origin of user’s funds (in accordance with user explanations)
Note: The document should be issued in the name of the person(s) of interest (UBO or shareholder).

Additionally accepted proof for Source of Wealth only

  • Latest Shareholding Documents;
AND
  • Latest audited company financials OR;
  • Official Business Valuation Report (from last year) OR;
  • Latest Tax statement - company or personal tax statement indicating the value of the company;
Note: The document should be issued in the name of the company.
  • Investment Account Statements; (showing transaction history of funds that originate from investment activities; returns on investments, dividends or interest payments, etc.);
  • Portfolio Valuation Reports;
  • Bond/Securities Certificates
  • Share Certificates or Ownership Documents;
  • Tax Statement (Should cover the latest tax year.);
  • Other documents proofing your investment holdings
Note: All documents must be issued in the last 3 months in general. The document should be issued in the name of the company or person(s) of interest (UBO or shareholder).

Unacceptable documents for Source of Funds and/or Source of Wealth

These are typically documents that do not correspond with the information you've declared or do not clearly demonstrate the origin of your wealth or funds. It will be reviewed on a case-by-case basis.