Understanding source of funds (SOF) and source of wealth (SOW)

Source of funds (SOF)

Source of funds refers to the origin of the money you use for your transactions. It's crucial for financial platforms like Currency.com to know where your funds are coming from. This helps ensure the security of our platform and prevents financial crimes.

Why is SOF important?

• Security measures:

  Verifying your source of funds adds an extra layer of security. It ensures that the funds being used are legitimate and not involved in any illegal activities.

• Compliance with regulations:

  Financial institutions, including Currency.com, are bound by regulations. Confirming your source of funds helps us comply with these regulations and maintain a safe financial environment.

• Preventing fraud:

  By understanding your source of funds, we can quickly identify any suspicious activities and prevent potential fraud on our platform.

What you need to know:

• Transparent communication:

  Be open and transparent about the origin of your funds. Clear communication helps us ensure the integrity of our platform.

• Verification process:

  We might ask you to provide documents or additional information to verify your Source of Funds. This is a standard procedure to maintain a secure trading environment.

Source of wealth (SOW)

Source of wealth refers to the means through which you have accumulated your total wealth and assets over time. It provides insights into the financial history of our clients.

Why is SOW important?

• Risk assessment:

  Understanding your source of wealth helps us assess the level of risk associated with your account. It aids in making informed decisions regarding your financial transactions.

• Compliance and due diligence:

  Compliance with financial regulations involves thorough due diligence. Confirming your source of wealth is part of this process to prevent financial crimes.

• Maintaining platform integrity:

  Currency.com is committed to maintaining the integrity of its platform. Knowing the source of wealth of our clients contributes to a secure and trustworthy trading environment.

What you need to know:

• Confidentiality:

  Your source of wealth information is treated with the utmost confidentiality. It's used solely for compliance purposes and is not shared without your consent.

• Occasional verification:

  As part of our commitment to security, we might occasionally ask for updated information about your source of wealth.

Understanding and cooperating with the verification processes related to Source of Funds and source of wealth helps us collectively ensure a secure and compliant trading atmosphere on Currency.com. If you ever have questions or concerns, our support team is here to assist you.