Which Documents Qualify as Source of Funds?
Source of Funds refers to the origin of the money a customer uses in a transaction. At Busha, ensuring that funds come from legitimate sources is critical to our compliance process. As a cryptocurrency exchange, we follow strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations to prevent illicit financial activities such as fraud, tax evasion, and money laundering.
To comply with these regulations, we require customers to provide valid documentation proving the lawful origin of their funds before engaging in high-value transactions or account verification processes.
Accepted Documents for Source of Funds Verification
To verify the legitimacy of a customer’s funds, Busha accepts the following documents:
1. Salary Slips or Payslips:
Proof of regular income from employment. These documents should clearly show the employer’s details, salary amount, and payment history.
2. Bank Statements:
Recent bank statements (typically covering the last 3 to 6 months) reflecting salary deposits, business income, or other legitimate sources of funds.
3. Business Income Documentation (For self-employed individuals or business owners):
- Business financial statements (e.g., profit and loss statements)
- Invoices and contracts related to services or sales
- Tax returns proving declared income
4. Loan Agreements:
If funds originate from a loan, a signed loan agreement or proof of loan disbursement should be provided. This document must specify the loan amount, lender details, repayment terms, and purpose.
5. Sale of Assets:
If funds were generated from the sale of assets (e.g., property or vehicles), we require a sale agreement, proof of payment received, and transfer of ownership documents.
6. Inheritance or Gift Documentation:
If funds were received as a gift or inheritance, the relevant documents (e.g., a will, probate documents, or gift letters) must outline the relationship between the donor and the recipient and the amount received.
7. Investment Proceeds:
Customers who have earned money from investments should provide:
- Investment account statements showing capital gains
- Proof of sale of stocks, bonds, or other financial instruments
- Dividend payment statements
8. Government Benefits or Pensions:
If applicable, pension statements, social security payment records, or other government-issued financial support documents can be used.
9. Capital Contributions (For business owners or investors):
Proof of capital contributions to a business venture, such as partnership agreements, capital deposit receipts, or shareholder agreements.
Why We Require Source of Funds
Verifying the source of funds is crucial in protecting our customers and platform from financial crime. By providing clear, traceable documentation, customers can have a seamless transaction experience on Busha while complying with regulatory requirements. Please contact our compliance team via compliance@busha.co for guidance if you need further clarification on acceptable documents.
