The Declaration of Source of Funds form is requested as part of our legal obligation to comply with financial law. The form contains a few simple questions which you'll have to fill during the KYC process.
Later on, you might be asked to provide us with an actual Proof of Source of Funds - a document which allows us to better understand where your funds originate from.
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 January 2020 the 5th AML Directive transposed into nation law and Coinify is now registered with the Danish Financial Authorities. This means that Coinify is now legally obliged 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.