As part of our verification KYC (Know Your Customer) process, we require customers to provide a source of funds document. This document helps us verify the legitimacy of your funds and maintain a secure and compliant transaction process.
What is a Source of Funds Document?
A source of funds document is a crucial piece of information that confirms the origin of the funds you intend to use Swapin services. It demonstrates that your funds come from legitimate sources and follow compliance standards. Depending on whether your funds are coming from, acceptable source of funds documents may vary.
Acceptable Source of Funds Documents:
To meet compliance requirements, Swapin accepts the following types of source of funds documents:
For Fiat (EUR):
A recent salary slip or payment statement from your employer that confirms your regular income.
An official bank statement, preferably in English, showing your transaction history and highlighting the source of funds.
A letter or document from your employer verifying your income and the source of funds.
A recent tax declaration or tax assessment document that demonstrates your income and tax compliance.
For Cryptocurrency:
A statement or record of your cryptocurrency trading activity that shows the source and history of your crypto holdings.
Statements from your cryptocurrency wallet(s) that demonstrate your ownership and transaction history.
Documents Not Accepted:
The following documents may not be accepted as valid sources of funds due to potential concerns about their legitimacy or traceability:
Cash deposits without proper documentation or proof of origin may not be accepted as a valid source of funds due to concerns about money laundering and illicit activities.
Transactions from anonymous wallets or sources that cannot be traced back to a legitimate source may be rejected.
Unverified PayPal or other peer-to-peer transactions may not be considered valid sources of funds, as they may not provide sufficient proof of the origin of the funds.
Funds received as gifts or donations without proper documentation to prove the source of the funds and the relationship between the parties involved may not be accepted.
What to Do:
To ensure a smooth verification process, follow these guidelines when providing your source of funds document:
Ensure that the document you submit is no older than three months.
Make sure the document is clear, legible, and free from any alterations or obstructions that may hinder verification.
Double-check that your full name and issue date are clearly visible on the document.
Take clear and well-lit scans or photos of the documents or download a PDF, ensuring all details are easily readable. Screenshots are not accepted for verification. Additionally, please ensure that you provide the full document in its entirety, rather than just a partial section of it.
What to Avoid:
To prevent delays or rejections during the verification process, avoid the following:
Do not submit documents that have expired or are no longer valid.
Ensure that all relevant information is visible on the document. Partial or incomplete information may lead to rejection.
Do not submit handwritten or self-prepared documents as proof of address. Only official and verifiable documents are accepted.
Do not modify or alter the submitted document in any way, as it may lead to rejection.
Providing a valid source of funds document is essential to successfully complete the verification process on Swapin. By following the EU compliance requirements and adhering to the do's and don'ts outlined in this guide, you can ensure a seamless and secure experience on our platform. If you have any further questions or concerns, please reach out to our support team at customer@swapin.com, we will be happy to assist you.