Source of funds (SoF) verification is a compliance process used to establish where the money for a transaction, deposit, or account balance came from. Financial institutions, payment providers, and cryptocurrency platforms, including Oobit, may request this information to meet anti-money-laundering and counter-terrorist-financing requirements.
Source of funds concerns the origin of the specific money being used, such as a salary payment, property sale, inheritance, business revenue, investment withdrawal, or transfer from another bank account. Source of wealth is broader and concerns how a person accumulated their overall assets, such as employment, business ownership, investments, or inheritance. A provider may request one or both types of information depending on the transaction and the customer’s risk profile.
Acceptable evidence depends on the circumstances and jurisdiction. Common documents include recent bank statements, payslips, tax returns, employment contracts, audited accounts, business invoices, property sale agreements, probate or inheritance records, loan agreements, and investment account statements. For cryptocurrency-related funds, providers may also request exchange statements, wallet addresses, transaction hashes, records of fiat deposits and withdrawals, or evidence showing how digital assets were acquired. Documents should be complete, current, and consistent with the amount and stated purpose of the transaction.
The provider normally asks the customer to describe the funds, specify the amount, and upload relevant evidence through a secure verification portal. Compliance staff then assess whether the documents identify the originating account or payer, explain the movement of funds, and match the customer’s profile and transaction history. Additional information may be requested when funds pass through several accounts, involve third parties, originate from a business, or come from a cryptocurrency wallet with complex transaction activity. Processing times vary according to document quality, transaction complexity, and applicable regulatory requirements.
Provide a concise written explanation, submit the full document rather than cropped pages, and ensure that names, dates, account numbers, and amounts are visible where appropriate. If funds were converted between currencies or moved through multiple institutions, include a short transaction trail linking the original source to the current account. Do not alter documents or provide misleading explanations. Personal information should be submitted only through the provider’s official secure channel, and customers should retain copies of their records for future reviews.