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Proof of Source of Funds

Coinify would like to ensure that traders who are using our trading platform "myCoinify" can prove that the source of their funds is legitimate. Therefore, our Compliance Team reserves the right to request a Proof of Source of Funds from customers who reach certain aggregated trading volumes.

As a proof, you will be asked to provide us with a valid document which will allow us to check and look closer into the source of the funds you are using to finance your trading activity.

We have made sure to make this process as hassle-free as possible. You will receive an email from us which explains in details what you need to do and has a direct link to upload your documents. You can reach the exact volume amount which will trigger the email during placing either buy or sell order.


!Please Note: that if you are unable to provide the documents required by our Compliance Department:

  • In the case of a Sell Order: we will refund you an amount of bitcoins equivalent to the FIAT value of your payout at the moment the refund is issued.
  • In the case of a Buy Order: we will refund you the bank transfer and will keep €10 to cover the administrative fees related to the bank transaction.

    Examples of acceptable forms of documentary evidence are detailed below:


Personal savings


Personal bank statement(s) demonstrating deposit/gifted monies


Employment income

Personal bank statement(s) demonstrating deposit monies, wages and tax statement

Gift or inheritance from a third party

Documentary evidence from the donor (bank statement), copy of will

Sale of investments

Statement from investment provider or bank statement showing settlement from investment provider

Sale of property

Signed letter from Solicitor/Advocate or Estate Agent or Contract of Sale statement

Loan

Loan agreement or statement

Insurance Claims

Letter from Insurance provider

Dividends or profit from the company

Latest audited company accounts statement

Lottery/Gambling win

Evidence from the lottery company/winning receipt

Bitcoin
A receipt from the service you bought the bitcoins from (for example, an exchange) and a screenshot from your wallet that shows the transaction from that service to you.


Under the 5th AML Directive, virtual currency platforms are now under the legal obligation to implement Customer Due Diligence (CDD) procedures for the purposes of anti-money laundering and countering the financing of terrorism (AML/CFT). In anticipation of the transposition of the 5th AML Directive into national law and as part of our efforts to sustain ourselves as a highly trusted financial institution, Coinify is fully committed to conducting customer due diligence on our clients and ensuring compliance with all applicable laws and regulations necessary to forestall and prevent money laundering. Take a look at our Legal Page to learn more about the Compliance checks Coinify performs, together with the enhanced due diligence processes and continuous monitoring throughout the customer life cycle that apply.

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Published Date = 12/02/2018
Last Updated Date = 25/07/2019
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