Source of Funds
For certain financial transactions it may be required for you to declare you source of funds. Source of funds refers to the origin of the particular funds or any other monetary instrument which are the subject of the transaction between a Financial Institution (e.g. Prime Trust Financial) and you, the customer. An example of such a transaction, is a cambio transaction where you are trading a 'large' sums of currency e.g. over $1000 USD.
Source of Funds Requirement
Our source of funds requirements check is just us asking you to send us some form of proof, to show that your money comes from a legitimate source - be it from your salary, profits earned from your business, a loan from the bank etc.
Understanding the source of funds of our customers' funds is important for a number of reasons:
- To protect our customers and their funds from fraud, or from being linked to illegal activities
- To verify that the transactions made were truly completed by you
- To comply with the relevant laws and regulations stipulated by the Jamaican government and the Bank of Jamaica that allow us to operate as a financial company.
These checks are handled by our compliance department, which is the team responsible for tackling financial crime and disputes and making sure we are compliant with the law.
For online transactions, we'll send you a notification whenever we need to see any proof of your Source of Funds (SOF). When you receive it, you can provide SOF in the form of an official document that clearly shows the origin of your funds. This could be a copies of your recent payslips, sale documents, loan agreements and so on.