What is a source of funds check?

Alright, let's dive into something not everyone knows about – "Source of Funds" checks. These checks might sound a bit technical, but they're actually pretty important. Tap's ability to let you send money without boundaries means we're moving millions through Tap every month. So, it's natural to wonder how we ensure the money coming in and out is clean and above board.

We're upfront about it – we're committed to fighting financial crime. One way we do this is by keeping tabs on where the money originates. 💰

It's easy to track where your money goes once it leaves Tap, but figuring out where it's coming from before it reaches us is a bit more complex. That's where the "Source of Funds" check comes in handy.

Now, what exactly is a "Source of Funds" check, and why should you care? Don't get bogged down by the terminology; a "Source of Funds check" (SOF) is essentially us asking for some proof that your money comes from a legitimate source. This could be your salary, profits from your business, an inheritance, a bank loan, or something similar.

We're not prying into your finances for no reason – there are some important reasons behind it:

🔹 We want to make sure that the transactions in your account are genuinely yours.

🔹 Our aim is to protect your funds and ensure they're safe from fraud or any questionable activities.

🔹 We've got to follow the rules and regulations that govern financial companies like us.

How and when does Tap check my Source of Funds?

Our compliance team, the folks responsible for making sure we're on the right side of the law, handles this part. We've got some sophisticated systems that help us decide when it's time for a Source of Funds verification. The details vary from person to person, and we can't reveal all the details (for good reasons), but here's the scoop: you don't need to worry about it right now.

When we need you to provide evidence of where your money is coming from, we'll send you a message. You can send us documents like recent pay stubs, papers showing you've sold assets like a car 🚗 or a house🏠, or even loan agreements – anything that demonstrates the source of your funds.

And if you ever have questions about what kind of documents to send, don't hesitate to get in touch with our support team. They're here to assist you. 🤓

Now, you might be thinking if there's anything else you should be aware of, right? Most of the time, you don't need to stress about it. We'll give you a heads-up whenever we need those Source of Funds documents.