Source of funds vs source of wealth: what money platforms ask and why
By SendPay Business · · 2 min read
Banks and payment platforms sometimes ask customers where their money came from. Two phrases come up: source of funds and source of wealth. They sound alike, but they ask different questions.
The difference
Source of funds is about a particular payment or balance: where did this specific money come from, such as a salary, a house sale or a loan? Source of wealth is about the bigger picture: how did the person build up their overall wealth, such as a career, a business, an inheritance or investments?
Evidence people are often asked for
- Payslips or an employment contract.
- A house sale completion statement.
- Business accounts or dividend records.
- A will or grant of probate for an inheritance.
- Bank statements showing the money arriving.
Why they ask
Anti-money-laundering rules require firms to understand where larger or unusual sums come from, especially for higher-risk customers. Asking is routine, and answering clearly with documents usually settles it quickly.
Where SendPay fits
SendPay platforms include customer identity verification at sign-up, powered by licensed partners. As a platform owner you set your own anti-money-laundering policies, including when to ask for source of funds evidence.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.