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KYB: What can I provide as a Source of Funds?
KYB: What can I provide as a Source of Funds?
Updated over a week ago

A Source of Funds (SoF) is a document or information used to verify your financial position and/or ownership. It is often used in various business and financial transactions, such as obtaining a loan, opening a bank account, making significant investments, applying for visas in certain countries, or participating in specific investment programs.

In our Know-Your-Business application, we ask for a Source of Funds to verify the income sources your business may use to purchase crypto on our platform. This aligns with our internal procedures and the Dutch Regulation (Wwft).

What documents can I provide as a Source of Funds?

To verify the source of your funds, you are asked to provide evidence of the origin of your wealth. It helps ensure everyone follows the rules and provides clarity and trust in business and financial agreements.

For businesses, we ask for audited financial accounts or statements demonstrating the merchants’ financial records, cash positions, profit and loss statements (including the explanation), and balance sheets over the last year.

What if I cannot provide such documents?

If audited financial accounts or statements are unavailable due to the recent incorporation of your business, you may use one of the following, but not limited to, documents:

  • Quarterlies;

  • Invoices + Payments;

  • Business activities;

  • Bequest of a gift;

  • Insurance payouts;

  • Inheritances;

  • Gambling Winnings;

  • Trading in digital currencies;

  • Compensation from legal ruling, etc.

Please note that these documents will only be accepted if it is impossible to supply annual documents. We may still ask for annual records later and hold the right to suspend your account if we find out the information provided is incorrect.

What if I do not want to provide these documents?

If you do not want to or cannot hand in either of these documents, you may provide a written and signed confirmation from a licensed, independent and reliable legal practitioner or accountant demonstrating that the source of funds information provided by the merchant is accurate and legitimate.

In the Netherlands, this confirmation would be conducted by a registeraccountant; an accountant officially registered in the accountant's register of the Royal Netherlands Institute of Chartered Accountants (NBA). The NBA is the professional organisation for accountants in the Netherlands and ensures the quality and integrity of the accounting profession.

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