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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 a week ago

What are Source of Funds and Source of Wealth?

Source of Wealth is like looking at the big picture of where your money comes from over the years. It's not just about how much money you have now but understanding the different places and activities that contribute to building your overall wealth. It could be your salary, your business, investments, or even an inheritance. It helps to show the history and legitimacy of how you've earned and accumulated your wealth.

Source of Funds is a bit more focused. It's like zooming in on a specific transaction or investment. When we talk about the Source of Funds, we're interested in knowing where the money for a particular deal or purchase is coming from. For instance, if you're depositing via Crypto, we want assurance that the money you're using is from a legal and legitimate source, like your salary, savings, or other transparent sources.

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

To ensure users' account safety and security, Sportmarket is committed to complying with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations. In our continuous efforts to fulfil regulatory obligations, we may need to gather additional information and supporting documents related to users’ Source of Funds (SoF) and Source of Wealth (SoW) in certain instances.

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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