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Source of Funds and Source of Wealth
Source of Funds and Source of Wealth

What are SoW and SoF and why do I need to send it?

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Written by Neil
Updated over 6 months ago

Why do we need you to provide us proof of Source of Funds and Source of Wealth?

Source of Funds (SoF) and Source of Wealth (SoW) checks are essential for us to understand where the money entering your Sportmarket account originates. This process ensures we stay compliant with regulations and keeps your account secure by giving us a clearer picture of your financial activities.

To ensure users' account safety and security, Sportmarket is committed to complying with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations.

What are Source of Funds and Source of Wealth?

Source of Wealth - Think of Source of Wealth as your financial life story. It’s all about where your money has come from over the years. This includes your salary, any businesses you own, investments you've made, or maybe even an inheritance. It’s like a big picture view of how you’ve built up your money over time, showing that it all comes from legitimate sources.

Source of Funds - Source of Funds is like zooming in on one specific moment. It’s about where the money for a particular transaction is coming from. For example, if you're making a deposit using crypto, we need to make sure that the money you’re using comes from a legal and clear source, such as your salary, savings, or other transparent means.

Acceptable Source of Funds Documents:

Salary and Bonuses:

  • Bank statement (showing the transactions not older than 3 months, and your personal information)

  • Income tax return for the latest fiscal year.

  • An employment contract that outlines salary and bonus terms

Business Loans:

  • Loan agreement (detailing the terms, conditions, and amounts);

  • Bank statement (showing the transaction history of the received funds from the business loan).

Personal Savings:

  • Personal savings account bank statement (showing transaction history of self-explanatory deposits and savings over time).

Gambling winnings:

  • Bank statement (showing transaction history of received funds from gambling winnings);

  • Tax returns (detailing the related income tax payments of those gambling winnings).

Pension releases:

  • Bank statement (showing the transaction history of the received pension deposits);

  • Retirement account statements (indicating the source of wealth, contributions, and subsequent pension distributions);

  • Pension award letter/document (statements from the pension administrator, detailing the accumulated pension funds and periodic payment amount).

Inheritances:

  • Bank statement (showing the transaction history of the received funds resulting from the inheritance);

  • Last will and testament (outlining the distribution of assets and property in accordance with the deceased person’s wishes);

  • Probate documents;

  • Asset or property transfer records (confirming the transfer of ownership of specific assets or properties from the deceased to the heirs).


Acceptable Source of Wealth Documents:

Income or revenue from business activities:

  • Company’s business bank statement (showing transaction history of funds received from customers);

  • Sales invoices and receipts (showing details of products/services rendered and the corresponding amounts);

  • Company’s latest annual report/financial statements;

  • Contracts and agreements (outlining the terms and payments for products/services provided to customers).

Investment activities:

  • Bank statement (showing transaction history of funds that originate from investment activities; returns on investments, dividends or interest payments, etc.);

  • Latest financial statement;

  • Investment/Brokerage account statement (detailing the investments held; a snapshot of the portfolio’s composition and performance).

Funding from investors:

  • Investor agreements or contracts (detailing the terms, conditions and investment terms agreed upon);

  • List of investors’ purchases of shares;

  • Company's bank statement (showing the transaction history of the incoming funds from investors).

Family wealth/inheritance:

  • Family wealth statement (prepared by family offices that outlines the family’s overall wealth that includes investments, properties, and other assets, etc.);

  • Bank statement (showing the transaction history of the received funds resulting from the inheritance);

  • Last will and testament (outlining the distribution of assets and property in accordance with deceased person’s wishes);

  • Asset or property transfer records (confirming the transfer of ownership of specific assets or properties from the deceased to the heirs).

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