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. This is something we are required to do to comply with the laws and regulations that govern our business.
About the Source of Funds checks and Plutus
As a financial institution, we are obliged to comply with the laws and regulations that govern our business. This means that, as well as having a duty to protect our customers, we must follow customer due diligence and anti-money laundering rules.
These regulations require us to collect additional documents or information from our customers, also called the Source of Funds check. Any financial institution is required to follow this, and Plutus is no exception.
Specifically, this is done under the Regulation 27 and 28 of The Money Laundering, Terrorist Financing and Transfer of Funds Regulations of 2017:
If you have any questions about this process at any time, feel free to reach out to our Support team.
Documents and process
- Our system will flag accounts automatically for a check from our Compliance team.
- A Support member will open a case for you. You will receive 2 emails:
- An automatic email from email@example.com stating that a support case has been opened and the ID number of it for reference.
- The message from the Support member regarding the Source of Funds check, including a link to a Typeform.com form to fill.
- You will have 5 business days to submit your documents in the linked form. The account and card will be temporarily suspended after 5 business days if we don't hear back from you. Your account plan gets automatically downgraded when this happens as well.
- Our team will review your submission within 2 business days of your submission.
- If everything is good, the process ends here. If the account was suspended, the access will be restored and the plan upgraded to how it was before.
- If we have any questions, we will send you another message and repeat the cycle.
Provided documentation should comply with the following requirements:
- File format: .pdf, .png, .jpg, .jpeg.
- Language: In English or any of the EEA official languages, in Latin alphabet when possible.
- Quality: In case it’s a photo/scan, your full name and date should be visible. Your name, date of the statement, and dates of transactions should be clearly visible. All transaction details should be clear and legible.
- Details: We need to clearly see the inbound transactions (your income) as well as the outbound transactions (your deposits to the Plutus account). Bank statements/payslips/other documents must be relevant to the time period in question and should also reflect your most recent balances.
Commonly accepted documents
We have compiled a list of the most common documents that can be used to pass the check:
- Copies of your payslips from the previous 3 months.
- Sale contract of a personal asset (house, car, company, etc):
- Copy of the sale agreement;
- Bank statement showing the proceeds of the sale credited to your bank account; and
- 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 savings.
- Inheritance or gift:
- A copy of the inheritance will or a notarized letter; and
- a bank statement showing the received funds.
- 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:
- Utility bills or mining equipment purchases.
I got an email saying I need to submit sensitive documents for a Source of Funds check. Is this legit?
If you got an email from our official email (firstname.lastname@example.org), then yes, it is a genuine request from our Compliance team.
Is the Source of Funds form on Typeform.com a safe way to upload my sensitive documents?
Yes, it is. Typeform.com is our trusted partner in collecting documents for Source of Funds checks. They are reviewed by our Compliance team and are stored according to GDPR regulations. However, if you are still unsure about the safety of your information, you can provide relevant request documents as a response to the emails sent by our support team from the address email@example.com.
Why did I get flagged for a Source of Funds check? Did I do something wrong?
No, you did not do anything wrong. The Source of Funds checks are automatic and can happen to any user of Plutus. We are mandated by law to do these checks and
What if my spouse is my source of funds? What documents should I provide?
We need the source of funds of your spouse and the transfers done from your spouse's account to yours (the one used for Plutus deposits). If you have a joint account, then just the source of founds of your spouse is required.