Proof of source of funds

Many foreign banks, under the influence of international regulators, are introducing strict compliance procedures for their services. At the same time, all financial institutions, without exception, seek to understand whether their clients are engaged in any prohibited activities: money laundering, terrorist financing, tax evasion, etc.

One of the most common regulatory activities is a request to verify the source of funds.

It is essential for any client to undergo a compliance check with a bank. Failure to do so will result in the bank refusing to open an account or blocking service on it.

However, due to unclear requirements, vague wording and extremely tight deadlines, it may be problematic for an unprepared businessman to pass the check on his own. In addition, an incorrectly formed answer may cause the bank to ask additional questions, which will only aggravate the situation.

Intelligent Solution Group specialists have extensive experience in passing the procedure of verifying the source of origin of funds and are ready to provide professional support of the process.

Who is entitled to request confirmation of the source of funds?

Absolutely any financial institution, including neobank, may request confirmation of the origin of funds of an organization or an individual.

This is due to the fact that all financial structures are afraid of committing a violation and becoming the subject of an investigation by the licensing authority, which may eventually lead to the revocation of the license.

It is important to take into account that the provisions on confirmation of the source of funds apply to both corporate bank accounts and personal accounts opened by non-resident individuals.

Typical mistakes when confirming the source of origin of funds on your own

The law does not oblige bank customers to seek qualified help to pass the verification - in theory, everything can be done independently. However, in practice, this leads to the following mistakes:

  • submitting an incomplete set of documents;
  • submitting unverified information;
  • writing illiterate explanations;
  • absence of important clarifications.

These and a number of other mistakes are likely to lead to the following problems:

  • misunderstandings on the part of the bank, request for additional documents, information and explanations to clarify issues of interest;
  • initiation of a full verification of all the client's documents. If suspicions arise regarding the authenticity and reliability of the information provided, the bank's specialists begin to study all information in as much detail as possible. Additional inquiries and investigations may be conducted as part of this process;
  • high risk of failure to pass the check with all the resulting unfavorable consequences - freezing or blocking of the bank account, blacklisting and, as a consequence, inability to open new accounts with major international banks.

These and other problems can be avoided only if all the requested documentation is filled out correctly and without errors.

If you ask Intelligent Solution Group for help, you can be sure that you will successfully pass the bank check. We know how to prove the source of origin of funds and are ready to help you with it.

Who will benefit from the service?

The bank may request information on the sources of origin of funds from any client - company manager, owner or individual.

Intelligent Solution assistance in confirming the source of origin of funds

As part of the service, we will assist in the correct preparation of a package of documents that will confirm the legality of the origin of funds. In general, the whole process can be divided into 2 main stages:

  1. analyzing the client's financial activities for possible illegal transactions or fraud;
  2. preparation of documents confirming the legal origin of assets in accordance with the current requirements of banks and regulators.

Our company has extensive experience in solving the issue of confirming the sources of funds of legal entities and individuals and is ready to help you with the procedure. We guarantee quality support of the process and compliance with all bank requirements. 

Please contact us in any way convenient for you to get a free consultation.

What documents are needed to prove the source of origin of assets?

Transaction and transaction documents, ownership and beneficial ownership documents, and some others as appropriate will be needed to confirm the origin of the source of the funds.


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