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What is a source of funds (SOF) and why do I need to verify it?

Updated over 2 months ago

Summary

  • What is a Source of Funds (SOF)?

  • Why do I need to verify my source of funds?

  • In what circumstances do I need to verify my source of funds?

  • What documents do I need to provide to support my source of funds verification?

  • If you're a business account holder with CardUp (B2B)

  • If you're a personal account holder with CardUp (B2C)

What is a Source of Funds (SOF)?

It is a term used to describe the origins of money that you (i.e. an individual or organization) use to finance your payments and transactions on CardUp.

Why do I need to verify my source of funds?

Verifying your source of funds allows us to understand how you obtain funds to fund your transactions. It helps us ensure that the money we receive is from legal origins. This helps us to keep your money safe and prevent money laundering.

In what circumstances do I need to verify my source of funds?

For payments in large amounts, we would need to verify how you obtained funds to make this payment.

What documents do I need to provide to support my source of funds verification?

Here are the lists of documents required for the different sources of funds:

If you're a business user with CardUp (B2B)

Source of funds

Document needed

Document guidance (What the document should show)

Business Activities

Bank statement (less than 3 months ago)

AND

Either document below

  1. Receipts from customers (less than 3 months ago)

  2. Audited financial statements (previous income year)

  3. Other documents (less than 3 months ago)

  • Bank statement (less than 3 months ago)

    • Shows your business name, your bank account number, the money going in and out of your bank account

  • Receipts from customers (less than 3 months ago)

    • Shows your business name and address, customer’s name, product/service descriptions, and dates.

    • Shows the amounts matching up with the payment amount. Upload 1 or more receipts as required.

  • Audited financial statements (previous income year)

    • Shows your auditor’s details, your business name and address, and dates

  • Any other documents (less than 3 months ago)

    • Shows your business name and address, and your business activity descriptions and revenue

Investment

Bank statement (less than 3 months ago)

AND

Either document below

  1. Share registries

  2. Investment account statements (less than 3 months ago)

  3. Sale/purchase/rental agreements

  4. A trust deed

  5. Other

  • Bank statement (less than 3 months ago)

    • Shows your business name; bank account number; the money going in and out of your bank account

  • Share registries

    • Shows your business name and address, your shareholdings and value, and dates

  • Investment account statements (less than 3 months ago)

    • Shows your business name and address, money going into your bank account (proofing the investment and must match up with the payment amount)

  • Sale/purchase/rental agreements

    • Shows your business name, asset details, and dates of the purchase/sale/tenancy

  • Certified copy of the trust deed

  • Any other documents

    • Shows your business name and address, your business activity descriptions and revenue

Loan

Bank statement (less than 3 months ago)

AND

Either document below

  1. Loan agreements

  2. Loan account statements

  • Bank statement (less than 3 months ago)

    • Shows your business name; bank account number; the money going in and out of your bank account

  • Loan agreements

    • Shows your business name and address, your loan amount, and dates

  • Loan account statements

    • Shows your business name and address, money going in your account (proofing the loan, and must match up with the payment amount), and dates

Insurance payout

Bank statement (less than 3 months ago)

AND

Either document below

  1. Insurance certificate

  2. Insurance disbursement

  • Bank statement (less than 3 months ago)

    • Shows your business name; bank account number; the money going in and out of your bank account

  • Insurance certificate

    • Shows your business name and address, your insurer and your policy details

  • Insurance disbursement

    • Shows your business name and address, your insurer, and your disbursement details

Compensation

Bank Statement (less than 3 months ago)

AND

Legal letters (e.g. from a solicitor)

  • Bank statement (less than 3 months ago)

    • Shows your business name; bank account number; the money going in and out of your bank account

  • Legal letters

    • Shows your business name and address, your solicitor’s details, and your compensation details

Bequest of a gift

Bank Statement (less than 3 months ago)

AND

Legal documents

  • Bank statement (less than 3 months ago)

    • Shows your business name; bank account number; the money going in and out of your bank account

  • Certified copy of the will or a letter from a solicitor.

Others

Bank Statement (less than 3 months ago)

AND

Any other supporting documents

  • Bank statement (less than 3 months ago)

    • Shows your business name; bank account number; the money going in and out of your bank account

  • Any other documents

    • Shows your business name and address, and your business activity descriptions and revenue

    • Example: Legal documents

If you're a personal account holder with CardUp (B2C)

Source of funds

Document needed

Document guidance (What the document should show)

Employment

Bank Statement (less than 3 months ago)


AND
​
Either document below

  1. Copies of payslips

  2. Personal tax statements/returns

  • Bank statement (less than 3 months ago)

    • Shows your name; bank account number; the money going in and out of your bank account

  • Copies of payslips

    • Shows your employer’s name and address; your name; salary.

    • Shows your name and address; account balance; salary transactions.
      ​
      ​

  • Personal tax statements/returns

    • Shows your name; the tax you need to pay.

Investment

Bank Statement (less than 3 months ago)
​
AND


Either document below

  1. Share registries

  2. Investment account statements

  3. Sale/purchase/rental agreements

  4. A trust deed

  5. Other

  • Bank statement (less than 3 months ago)

    • Shows your name; bank account number; the money going in and out of your bank account

  • Share registries

    • Your name and address; your share holdings and value; dates.

  • Investment Account Statements

    • Your name and address; account balance; dates.

  • Sale/purchase/rental agreements

    • Your name and address; your asset details; dates of the purchase/sale/tenancy.
      ​
      ​

  • Certified copy of the trust deed.

  • Other

    • Your name and address; descriptions of where you got your money.

Inheritance

Bank Statement (less than 3 months ago)
​
AND
​
Either document below
​
​

  1. A will

  2. A trust deed

  3. Court orders (e.g. settlements)

  4. Legal letters (e.g. from a solicitor)

  • Bank statement (less than 3 months ago)

    • Shows your name; bank account number; the money going in and out of your bank account
      ​
      ​

  • Certified copy of the will.
    ​
    ​

  • Certified copy of the trust deed.
    ​
    ​

  • Certified copy of the court order.

    • Shows our name and address; your solicitor’s details; descriptions of where you got your money.
      ​
      ​

  • Legal letters

    • Shows your name and address; account balance; transactions.

Insurance payout

Bank Statement (less than 3 months ago)
​
AND
​
Either document below
​

  1. Insurance certificate

  2. Insurance disbursement

  • Bank statement (less than 3 months ago)

    • Shows your name; bank account number; the money going in and out of your bank account
      ​
      ​

  • Insurance Certificate

    • Shows your name and address; your insurer; your policy details.
      ​
      ​

  • Insurance Disbursement

    • Shows your name and address; your insurer; your disbursement details.

Bequest of a gift

Bank Statement (less than 3 months ago)
​
AND
​
Legal documents
​
​
​

  • Bank statement (less than 3 months ago)

    • Shows your name; bank account number; the money going in and out of your bank account
      ​
      ​

  • Legal document

    • Certified copy of the will or a letter from a solicitor.

Gambling winnings

Bank Statement (less than 3 months ago)
​
AND
​
Official letter from the establishment

  • Bank statement (less than 3 months ago)

    • Shows your name; bank account number; the money going in and out of your bank account
      ​
      ​

  • Official letter from the establishment

    • Shows your name and address; account balance; winnings transactions.

Trading in digital currencies

Bank Statement (less than 3 months ago)
​
AND
​
Trading account statements

  • Bank statement (less than 3 months ago)

    • Shows your name; bank account number; the money going in and out of your bank account
      ​
      ​

  • Trading account statements

    • Your name and address; your trading account details; dates.

Compensation

Bank Statement (less than 3 months ago)
​
AND
​
Legal letters (e.g. from a solicitor)

  • Bank statement (less than 3 months ago)

    • Shows your name; bank account number; the money going in and out of your bank account
      ​
      ​

  • Legal letters (e.g. from a solicitor)

    • Your name and address; your solicitor’s details; descriptions of where you got your money.

Royalties

Bank Statement (less than 3 months ago)
​
AND
​
Agreements

  • Bank statement (less than 3 months ago)

    • Shows your name; bank account number; the money going in and out of your bank account
      ​
      ​

  • Certified copy of the royalties agreement that shows your name and address; your royalties' details.

Loan

Bank Statement (less than 3 months ago)
​
AND
​
​

  1. Loan agreements

  2. Loan account statements

  • Bank statement (less than 3 months ago)

    • Shows your name; bank account number; the money going in and out of your bank account
      ​
      ​

  • Loan agreements

    • Your name and address; your loan amount; dates.
      ​
      ​

  • Loan account statements

    • Your name and address; transactions; dates.

Other

Bank Statement (less than 3 months ago)
​
AND
​
Briefly describe the document.

  • Bank statement (less than 3 months ago)

    • Shows your name; bank account number; the money going in and out of your bank account
      ​
      ​

  • Any other documents

    • Shows your name and address, and your transaction activity descriptions and revenue
      ​
      ​

Example: Legal documents

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