How to Complete the Source of Wealth Declaration to Access Fiat Products on Binance
2023-03-14 12:46
Why do I need to complete the Source of Wealth Declaration (SOW)?
To ensure users' safety and security while using Binance, we are required to comply with tighter Anti-Money Laundering (AML) regulations and collect a Source of Wealth Declaration (SOW) from users residing in certain countries. If you are a resident of the following FATF and EU-listed high-risk countries, you are required to complete the SOW Declaration to access fiat products on Binance.
How to complete the Source of Wealth Declaration? A step-by-step guide
Please do not refresh your browser during the process.
1. Declare if you are a Politically Exposed Person (PEP). If you are a PEP, you will be required to complete a PEP declaration form. Tap [Continue] to proceed.
What is a Politically Exposed Person (PEP)?
PEP “politically exposed person” is:
a) a natural person WHO IS OR WHO HAS BEEN ENTRUSTED WITH A PROMINENT PUBLIC FUNCTION: • Head of state • Head of government/Prime Minister • Minister • Vice or deputy minister • Assistant minister • Parliamentary Secretary • Member of Parliament • Judge in the Supreme Court • Judge of Constitutional Court or other high-level judicial bodies, the decisions of which are not subject to further appeal, except in exceptional circumstances • Member of courts of auditors • Member of the board of the Central bank • Ambassador • Embassy Council • Chargé d'affaires • High ranking officer in the armed forces • Member of administrative, management or supervisory body of State-owned enterprises.
b) a natural person WHO IS OR WHO HAS BEEN ENTRUSTED WITH A LEADING FUNCTION OF AN INTERNATIONAL ORGANISATION: • Inform about the organization and type of leading function: president, director, deputy director, secretary general, member of the board, chairman of the board, vice chairman of the board or equivalent function.
c) A FAMILY MEMBER TO THE PERSON (PEP) STATED IN a) and b) ABOVE: • Spouse • Person considered to be equivalent to a spouse according to national law • Child • Child’s spouse or person considered to be equivalent to a spouse.
2. Enter your information to complete your SOW Declaration details. You will need to upload documents to prove your annual income and source of income.
Notes:
Please make sure that all the information entered is consistent with your supporting documents.
To calculate your annual income accurately, please convert your local currency into USD and multiply your monthly salary by 12.
3. Select all relevant source(s) contributing to your total net worth. Tap [Upload] to submit your supporting documents.
Notes:
The name on the supporting documents should match the name on your identity document. If this is not the case, you will need to clarify why third-party documents are linked to your verification.
The documents must be obtained from the most recent possible period (i.e., from at least the last month).
Please ensure the issuer’s name, issue date, and all other information are clearly visible on the documents.
4. After completing the SOW Declaration, please be patient while we review your documents in a timely manner.
You may refer to the below list of acceptable document examples:
SOW Declaration Options
Accepted Documents
Salary
1) Bank statement showing salary payments from employer from the last 3 months. Additionally, you can send us payslips showing the income from the last 3 months.
2) Tax statement from the previous tax year.
Self-employment
1) Tax statement from the previous tax year;
2) Additionally you can send us the latest invoices/contracts/agreements for self-employed services or profit/loss statements, proving your monthly or annual income.
Inheritance
1) Copy of will/testament of the deceased testator; AND Signed letter of the executor of the will/lawyer/solicitor/grant of probate.
Donation/Gift/Grant
If you’re a student and receive an allowance, please choose this option.
1) Donation/gift/grant agreement for real estate or other assets; AND Bank statement showing bank deposit of the donation/gift/grant (if applicable).
2) Signed affidavit/letter from the donor declaring the nature of the donation/gift/grant; AND Bank statement showing bank deposit of the donation/gift/grant (if applicable).
Mortgages/Loans
1) A mortgage/loan contract showing the mortgage or loan value with repayment plan;
AND
A bank statement showing a loan deposit into your account.
Company Profits (Shares/Dividends)
1) Latest Dividend statements;
2) Latest Distribution agreements;
3) Recent Bank statement showing dividend payments;
4) Latest audited company accounts.
Financial Investment
1) Statement from investment provider; AND Bank statement displaying settlement from investment provider;
2) Other statements or documents proving investment profit (from bonds, stocks, etc.) AND Bank statement displaying settlement from the investment provider.
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