Collect & Pay is committed to stopping financial crime at every opportunity and one of the ways in which we do this is by following the money trail. Uncovering where the money comes from before it reaches Collect & Pay is where a ‘Source of Wealth’ check comes to question. A ‘Source of Wealth check’ means asking you to send us some form of proof, to show that the funds coming to your Collect & Pay account comes from a legitimate source.

The following documents are accepted as part of a Source of Wealth check.

  • Income / salary:
    • copies of three months of recent pay slips; or tax statement and
    • personal bank statement, showing the salary payments took place.
  • Savings:
    • a bank statement showing the current balance of your savings account and
    • relevant documents showing the source of your savings.
  • Investment:
    • if liquid assets (deposits), please provide bank statement or similar
    • if equities or other investments, please provide stock broker’s statement or similar
    • a copy of the investment statement showing sale proceeds; or
    • a contract note
  • Sale of property:
    • a copy of the sale agreement for the property or a signed letter from the lawyer handling the sale of the property; a bank statement showing the proceeds of the sale being credited to your bank account.
  • Virtual currency:
    • relevant documents and statements showing your current cryptocurrency balance and any deposits/trades/withdrawals from the last 3 months.
  • Loan / borrowing:
    • an executed copy of the loan agreement and a bank statement showing the received funds along with your current balance.
  • Inheritance:
    • upload the grant of probate, the inheritance will, and a bank statement showing the received funds along with your current balance.
  • Gift:
    • a letter from the donor confirming details of the gift and evidence of the original source of this wealth.

Leave a Reply

Your email address will not be published. Required fields are marked *