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What is “Source of Funds” and what documents are accepted?
What is “Source of Funds” and what documents are accepted?
Harriet avatar
Written by Harriet
Updated over a week ago

We are occasionally required to collect and verify additional information and documents from our customers to comply with customer due diligence and anti-money laundering laws and regulations.

The main tangents of this additional information include:

  • Your current occupation - a brief explanation of your main income-generating activity;

  • Source of funds/Source of wealth - please see the explanation below;

  • Purpose of account, Ownership of destination wallet, Purpose of the transaction;

Proving the “Source of Funds” is the key aspect of this process. Proof of Source of Funds should be a document that displays from where the funds used to fund your hi account have originated. In cases of large Crypto deposits, we require proof and explanations of how and when the Crypto assets were obtained.

Types of acceptable documents:

Here are a few examples of documents that are acceptable for Sources of Funds.

  • Pay slips for the past 3 months

  • Latest Audited Personal Tax Statements

  • Contract of Sale for Property (or a copy of a land registry, a title deed, or a letter from a real estate agent or a lawyer confirming the sale of a property)

  • Bank Statements (reflect the savings are more than or equal to the amount being invested. The statement period should cover at least three months)

  • Loan Agreement

  • Inheritance Testaments (or a letter from the executor of the will or lawyer)

  • Affidavit/letter from the donor (with an explanation of the nature of the gift)

  • Pension fund statement

  • Tax returns (should be no older than 12 months)

  • Company Dividend Notes

⚠️ Important note: All of the aforementioned documents must be submitted along with a Bank Statement, and the following details must be discernible on the provided bank statement:

  • The bank's name and full address

  • The SWIFT code of the bank

  • Your full legal name, address, account number

  • The account statement period and the issue date of the document

You could provide other official documentation evidencing the source of wealth and funds. Your name should be clearly visible on the documents along with amounts and dates. The amounts in question should support your financial activity with hi. Please feel free to check with our support team to ensure that a document will be accepted.

Provided documentation should comply with the following requirements:

  • Must be in one of the following formats - .pdf, .png, .jpg, .jpeg

  • You can upload the original file of the document or a photograph/scan of the printed document, screenshots are not acceptable.

  • The document should be visible in full, with all four corners captured (in case it’s a photo/scan)

  • Your name, date of the statement, and dates of transactions should be clearly visible

  • All transaction details should be clear and legible

  • While you may cover sensitive information*, we need to clearly see the inbound transactions (your income) as well as the outbound transactions (your deposits to hi.com)

  • Bank statements/pay slips /other documents must be relevant to the time period in question and should also reflect your most recent balances

*It is acceptable to cover some sensitive information, for example - social security number, credit card number, or similar. Please be advised that in order to verify the legitimacy of each document it must be as lightly redacted as possible, i.e. in the case of bank statements, we need to clearly see all of the inbound and outbound transactions.

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