Understanding your Source of Funds is paramount in mitigating risks associated with money laundering, fraud, and other illicit activities.
Why Source of Funds Verification is Necessary:
- Regulatory Compliance: Flyingfox is committed to complying with global financial regulations, including Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. Source of Funds verification is a key component of these regulations.
- Security Measures: Verifying the source of funds adds an extra layer of security, safeguarding the platform and its users from potential fraudulent activities.
- User Protection: By understanding the source of funds, Flyingfox can ensure the protection of its users and maintain the integrity of the platform, fostering a secure environment for all.
What Documents are Typically Required:
Bank Statements: Providing recent bank statements that clearly display incoming funds is a common requirement for Source of Funds verification.
Income Statements: Depending on the nature of the funds, additional documentation such as income statements, pay stubs, or tax returns may be requested.
Business Documents: For funds originating from business activities, relevant business documents may be required, such as business bank statements or financial statements.
important note
Source of Funds may be requested more than once at Flyingfox's sole discretion, regardless of the transaction amount or account level limitations.
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In some cases, additional documentation or information may be requested. Promptly responding to these requests will expedite the verification process.
