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
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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.
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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.
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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.
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4. After completing the SOW Declaration, please be patient while we review your documents in a timely manner.
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You may refer to the below list of acceptable document examples:
SOW Declaration Options | Accepted Documents |
Salary | 1) Payslips showing your income from at least the last month; 2) Bank statement showing salary payments from the employer for at least the last month; 3) Tax statement from the previous tax year. |
Self-employment | 1) Tax statement from the previous tax year; 2) 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; 2) 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; 2) Signed affidavit/letter from the donor declaring the nature of the donation/gift/grant; 3) Bank statement showing bank deposit of the donation/gift/grant. |
Mortgages/Loans | 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; 2) Bank statement displaying settlement from investment provider; 3) Other statements or documents proving investment profit (from bonds, stocks, etc.). |