To comply with Anti Money Laundering (AML) guidelines, a source of funds check is a check that is put in place to confirm the legitimacy of funds being added to your company wallet.
A transaction will be flagged if it meets any of the following criteria;
If a single deposit, or cumulative deposits, received equates to 50K, or above, within any rolling seven-day period
If a single deposit, or cumulative deposits, received equates to 100k, or above, within a rolling 30 day period
The source is different from previously understood transaction sources or SoF information
Documentation has not previously been provided in connection with the source account
It is important to note that SoF can also be triggered for any deposit transaction; if this is identified as being pertinent.
Please Note: In the event of a SoF Review being flagged, the completion and return of the SoF documentation (including supporting documentation), will have an expectation to be completed within 3 business days from the date of the SoF Review being initiated. If the SoF is not returned within the allotted time frame further steps may be taken in connection with the Corporate, such as the suspension of the associating deposits managed account suspension.
Please see the attached document for a more comprehensive overview of the SOF process, and if you have any further questions please reach out to your onboarding manager, and they will be happy to clarify any queries you may have!