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What is Proof of Source of Funds and when will it be requested from me?
What is Proof of Source of Funds and when will it be requested from me?

This article explains what is a proof of source of funds and when it's required.

Updated over a week ago

Proof of Source of Funds (POSOF) is a document or a set of documents that shows the source of incoming funds.

POSOF can be requested for incoming CAD sent from a bank account or to confirm the origin of cryptocurrency that has been sold for a cash withdrawal.

We are occasionally required to collect further information or documentation from our customers (such as POSOF) to comply with anti-money laundering laws and regulations or to complete due diligence. We may also request PSOF for high volume transactions.

Any POSOF document submitted needs to cover all deposits or withdrawals made 24 hours prior to the most recent high volume transaction.

Acceptable POSOF documents that may be requested include, but not are limited to:

  • Bank statement showing the deposit

  • Proof of Wire

  • Void Cheque

  • Consent letter from both parties on account for Joint accounts

  • ID of the co-owner of the bank account, showing the name and the signature

  • The Bitcoin or Ethereum wallet address that funded the Shakepay account

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