What is Source of Funds (SoF) Check?

A source of funds check is the way through which Plutus verifies that the funds you have on your Plutus Account come from a legitimate source like your salary, profits from your business, a loan, inheritance and so on.

As a financial institution, we have certain obligations and responsibilities to comply with specific laws and regulations that govern our business and a duty to protect our customers. These regulations require us to collect additional documents or information from our customers.

To continue using our services and products, you will need to provide a document (or set of documents) that shows the origin of the funds you have transferred into your Plutus Account.

Please make sure documents are either in English or have a certified translation attached and that all document information are clearly visible.

Here is a list of the acceptable source of funds documents:

• Salary - copies of your payslips from the previous 3 months
• Sale contract of a personal asset (house, car, company, etc):
  • a copy of the sale agreement;
  • a bank statement showing the proceeds of the sale credited to your bank account; and
  • a statement showing the funds being transferred to your Plutus Account.
• Bank statement (savings, deposits, etc):
  • a bank statement showing the current balance of the savings account; and
  • relevant documents showing the source of your saving.
• Inheritance or gift:
  • a copy of the inheritance will or a notarised letter; and
  • a bank statement showing the received funds.
• Loan:
  • a copy of the loan agreement; and
  • a bank statement showing the received funds.
• Retirement income:
  • receipt showing monthly income and relevant documentation.
• Crypto Trading:
  • Crypto purchase receipts, screenshots of trading and withdrawal activity on other exchanges/sites used for trading.
• Crypto Mining:
  • Attach utility bill or mining equipment purchases.

After the documents have been submitted they will be reviewed by our Compliance team. During the review process, they might reach out to you for additional information or documentation.