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Source of funds vs source of wealth: what money platforms ask and why

By SendPay Business · · 2 min read

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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?

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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.

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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.

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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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How it works

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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.

Questions people ask

What is enhanced due diligence?

When these questions usually come up.

Enhanced due diligence →
What is a money mule?

Why unexplained money gets checked.

Money mules →
Can I launch my own money app?

Yes, with identity checks built into sign-up.

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Spotted a mistake or something out of date? and we'll fix it. How our guides are made

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. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.