Why does Xapo require proof of source of funds?
Opening an account
Source of Funds (SoF) checks are key for us to understand where your money is coming from when it arrives in your Xapo account. Having this information enables us to remain compliant and keep your account safe by gaining a better understanding of your account activity.
Why does Xapo require proof of source of funds?
Source of Funds (SoF) checks are key for us to understand where your money is coming from when it arrives in your Xapo account. Having this information enables us to remain compliant and keep your account safe by gaining a better understanding of your account activity.
When do SoF checks happen?
When we need to perform a SoF check on your account, we will notify you through the app or by email.
This request may be triggered for a number of reasons – for instance, we may notice unusual activity on your account that requires us to verify your income. To complete this request, simply follow the instructions we provide via the Xapo Bank app. Wondering what documents we accept? Check out our guide on SoF here.
Who has access to the documents submitted for a SoF check?
Once you have completed the request for proof of income, or SoF, our Compliance department will handle the checks.
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