What documents are accepted as proof of sources of wealth and funds?

Published on Oct 2, 2024Updated on Oct 2, 20244 min read

Navigating the requirements for proving the legitimacy of funds within financial transactions is crucial in maintaining compliance and transparency. The type of income is generally split into two sources:

  • Source of wealth based on your occupation or industry: refers to the origin of an individual's overall financial assets, typically accumulated over time through means like employment, business ownership, investments, or inheritance.

  • Source of fund: specifies where the money for a particular transaction comes from, such as income, savings, loans, or the sale of assets.


Below, we outline the types of documentation accepted as proof for various sources of funds & sources of wealth.

What are the acceptable proofs of wealth based on your occupation or industry?

Source of wealth

Source of wealth proof type

Employment income

Recreation, tourism and hospitality

Business and administration

Farming and agriculture

Teaching, research and academia

Mining and energy

Law and government

Healthcare

Tradecraft, construction, and manufacturing

Real estate

Retail

Paystubs (most recent)

Tax returns (most recent)

Bank statement (past 3 months worth) or bank letter showing salary earnings

Employment verification letter that states position, date and salary

Latest audited account statement or tax declaration [*Only applicable for self-employed]

Investments

Bank statement (past 3 months of bank statements) or letter from bank/brokerage confirming assets under management

Bank statement (past 3 months worth) or proof of balance from a crypto exchange

Business ownership

Proof of business ownership, share registry, and/or equity statement

Company tax returns (most recent)

Audited financials (most recent) showing company profits, dividends, and/or bonuses

Sale of assets (real estate, business, shareholding, etc.)

Copy of sales contract stating amount and receipt of money/proceeds

Audited financials (most recent)

Inheritance or gift

Will or grant of probate

Letter from the donor explaining the reason for the gift, amount, and the source of the donor's wealth

Bank statement showing receipt of funds/deposits from donor

Court order for divorce and alimony/awards (monetary, property, etc.)

Student

Paystubs (2x most recent)

Tax returns (most recent)

Employment verification letter from part-time employer or internship that states position, date, and salary

Bank statement (past 3 months worth) or bank letter showing salary earnings

What are the acceptable proofs for the source of funds?

Source of funds

Source of funds proof type

Salary

Paystubs (most recent)

Tax returns (most recent)

Bank statement (past 3 months worth) or bank letter showing salary earnings

Employment verification letter that states position, date and salary

Sale of assets (real estate, business, shareholding, etc.)

Copy of sales contract stating amount and receipt of money/proceeds

Audited financials (most recent)

Business profits

Audited financials (most recent)

Bank statements (past 3 months worth) from the business account

Company tax returns (most recent)

Compliance report issued by an independent third party

Proof of business ownership, share registry, and/or equity statement

Inheritance or gift

Will or grant of probate

Letter from the donor explaining the reason for the gift, amount, and the source of the donor's wealth

Bank statement showing receipt of funds/deposits from donor

Court order for divorce and alimony/awards (monetary, property, etc.)

Funding from a financial institution

Bank statement showing money received from a financial institution

Proof of a financial agreement with a financial institution (e.g. Copy of loan agreement)

Funding from decentralized finance (obtaining capital/returns through blockchain-based financial platforms)

Statements from an exchange (past 3 months worth)

Bank statement showing receipt of funds from exchange

Transaction receipts from decentralized exchanges showing funds swapped/obtained

Personal savings

Tax returns showing previous income (most recent)

Employment verification letter that states position, date and salary

Will or grant of probate

Letter from the donor explaining the reason for the gift, amount, and the source of the donor's wealth

Court order for divorce and alimony/awards (monetary, property, etc.)