Confirmation of funds
Proof of funds: what is important to know
Cost of services: from 400 €
Confirmation of the origin of funds is an important procedure required for both individuals and legal entities. In the context of tightening legislation and the fight against money laundering (AML), it is important to prove the legality of the origin of capital. What documents are required and how to correctly confirm the origin of funds? Let's look at this in detail.
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How to prove where the money comes from?
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Income documents
Providing tax returns or other financial documents confirming your income is the main way to prove the legality of funds.
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Sale of property
If the funds were received from the sale of real estate or other property, the relevant contracts and transaction documents will be required.
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Gifts or inheritance
In case of receiving large sums of money as a result of a gift or inheritance, it is important to provide notarized documents.
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Business financial statements
For legal entities, financial statements of the company will be required, confirming the legal origin of funds.
Proof of origin of funds is required to comply with AML and financial legislation.
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SOF (Source of Funds)
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What is SOF?
SOF, or Source of Funds, is a process of confirming the origin of funds to ensure transparency of transactions and compliance with AML laws.
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Documents for SOF
To verify SOF, tax documents, bank statements, property sales contracts, deeds of gift, and other official documents are required.
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Why do we need SOF?
SOF is required to conduct large financial transactions, open bank accounts and provide services related to large sums of money.
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SOF Control and Verification
In international practice, SOF is a mandatory requirement for banks, investment funds and other financial institutions when working with clients.
For more information on SOF requirements, please see FATF recommendations on SOF and AML.