Understanding Source of Funds (SOF) and Source of Wealth (SOW)

Understanding Source of Funds (SOF) and Source of Wealth (SOW)

What is Source of Funds (SOF)?

Is the origin of a person’s money or financial assets, so we need to understand not only where funds came from but the activity that was involved in generating those funds-

Examples of SOF:
  1. Personal savings
  2. Pension releases
  3. Share sales and dividends
  4. Property sales
  5. Inheritances and gifts
  6. Compensation from legal rulings

What is Source of Wealth (SOW)?

 Refers to the means by which a person has acquired their entire body of wealth. The main question here to answer is why the client has the assets they do and how they came to accumulate them.

Examples of SOW:
  1. Inheritances
  2. Investments
  3. Business ownership interests
  4. Employment income
  5. Tax Returns
What is the difference between SOF and SOW?
  1. SOF is about the origin of specific funds or financial assets.
  2. SOW is about the overall wealth and how it was accumulated.
Why does Nebeus need this information?
  1. To comply with financial regulations and ensure the legitimacy of the funds and assets.
What should I do if my document is older than 3 months?
  1. Provide a more recent document or contact customer support for further guidance.
Can I submit screenshots of online banking as proof of inheritance?
  1. No, we do not accept screenshots.
Documents that we can accept: 

  1. Will
  2. Grant of probate
  3. Trust deed
  4. Bank statement showing the inheritance (must be an official bank statement, not a screenshot)

  1. Pension statement
  2. Document from a pension or annuity fund showing the allocation
  3. Last 3 months of bank statements showing pension credits
  4. Any official document showing the necessary information

  1. Latest tax return document from an official authority
  2. Official statement issued by the investment firm or trading platform
  3. Investment certificate
  4. Investment/portfolio account statement
  5. Employee stock plan exercise confirmation

  1. Rental agreement signed within the last 3 months
  2. Recent bank statement from the last 3 months showing rental income
  3. Latest tax return document from an official authority

  1. Latest tax return document from an official authority
  2. Statement/certificate of earnings from a freelancing platform

Independent Contractor:
  1. Latest tax return document from an official authority
  2. Service agreement contract signed within the last 12 months, showing the pay period and total amount

  1. Salary payments
  2. Most recent payslips covering 3 months
  3. Latest tax return validated by an official authority
  4. Employment contract or proof of employment
If you are unable to provide the required documents, please contact Nebeus support. Our team will assist you in exploring alternative options or finding suitable solutions to meet the necessary requirements

    • Related Articles

    • My account is closed - what can I do?

      Q: Why was my Nebeus account closed? A: As a regulated entity, Nebeus monitors accounts continuously. If we detect any activity that raises alerts or violates our policies, we may close the account for security and compliance reasons. Q: What happens ...
    • Glossary of Terms for Nebeus

      Crypto Account: A digital wallet within your Nebeus account that allows you to securely store and manage your cryptocurrencies. Fiat Account: A traditional currency account within your Nebeus account where you can hold and transact with fiat ...
    • Restoring Two-Factor Authentication (2FA)

      If you need to restore Two-Factor Authentication (2FA) for your Nebeus account, follow these steps: Open Settings: Log in to your Nebeus account and click on your avatar or profile picture located in the top right corner of the screen. A dropdown ...