Source of Wealth/Funds/Crypto Explained

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Source of Wealth/Funds/Crypto Explained

As part of our ongoing commitment to meeting our regulatory obligations, there are
cases when we are required to collect more information and supporting
documentation regarding our clients' Source of Wealth and the Source of
Funds/Assets that they may have or intend to top up with us. Sometimes, we might
need to suspend certain operations of your account until the check is completed. We
hope the information below answers your questions on this review process and will
facilitate faster and more efficient communication between you and us and shorter
review completion.
What is a Source of Wealth ("SoW") request?

Source of Wealth describes the origin of your accumulated wealth or total net worth
(i.e., how you obtained your funds/assets). SoW does not refer to the location of the
funds (e.g., a bank account) but instead to the activity or the reason that lets you
accumulate those funds. For example, SoW could be the sale of real estate property,
or in many cases, it could be employment income accumulated over past periods.
What is a Source of Funds ("SOF") request?

Source of Funds is the source of the initial and ongoing funds used for your business
transactions with Nexo. For example, the SOF you used to top up your Nexo account
could be your employment income.
Note: In some cases, your SoW and SOF could be the same. For example, you have
accumulated your SoW from your employment income over the years, and your SOF
for the specific top-up with Nexo is your current paycheck. In those cases, the
supporting documents you provide should prove both SoW and SOF.
What is a Source of Crypto request?

Source of Crypto refers to when and where you have acquired your crypto asset(s).
What documents can be submitted for those checks?

Below is a non-exhaustive list of acceptable documents:
[1] Fiat Source of Wealth and Source of Funds Supporting Documents for
Individuals
Employment income - recent payslips, employment confirmation letters, or other
financial records and bank statement(s) displaying employment income for at
least the last three months OR a personal income tax return for the latest fiscal
year
Investments - investment statement(s), certificate(s) or agreements and bank
statement(s) displaying clearly income from investment OR letter from a financial
advisor detailing the nature of the investment and bank statement(s) displaying
clearly income from investment
Dividends or Profits from Company - latest company annual accounts / financial
statements (audited, if available) and bank statement(s) displaying clearly income
from dividends OR dividend statements and bank statement(s) displaying clearly
income from dividends
Loan - loan agreement(s) or statement(s) and bank statement(s) displaying
clearly deposit(s) from Loan
Sale of Assets - notarized sales contract (signed by all authorized parties) or other
document reflecting the sale of asset(s) and bank statement(s) displaying income
from the sale of asset(s)
Inheritance/Insurance/Gift - a copy of will/check/grant or probate and bank
statements reflecting the received insurance inheritance, insurance or gift
proceeds OR a notarized letter from a donor and bank statements reflecting the
received insurance inheritance, insurance or gift proceeds
Retirement - bank statement(s) reflecting clearly income from retirement for at
least the last three months
[2] Fiat Source of Wealth and Source of Funds Supporting Documents for
Corporate Clients
Corporate income - latest company annual accounts / financial statements
(audited, if available) OR corporate income tax return for the latest fiscal year
Investments - investment statement(s), certificate(s) or agreements and bank
statement(s) displaying clearly income from investment OR letter from a financial
advisor detailing the nature of the investment and bank statement(s) displaying
clearly income from investment
Dividends or Profits from Company - latest company annual accounts / financial
statements (audited, if available) and bank statement(s) displaying clearly income
from dividends OR dividend statements and bank statement(s) displaying clearly
income from dividend
Loan - loan agreement(s) or statement(s) and bank statement(s) displaying
clearly deposit(s) from Loan
Sale of Assets - notarised sales contract (signed by all authorized parties) or other
document reflecting the sale of asset(s) and bank statement(s) displaying income
from the sale of asset(s)
[3] Source of Crypto Supporting Documents (Individual and Corporate Clients)

Crypto assets purchased on crypto exchanges/brokers
Transaction report or Screenshots reflecting purchase and withdrawal
confirmation and displaying your account ID and all transaction details OR
Confirmation emails that provide proof of purchase and withdrawal OR
Receipts that provide proof of purchase (e.g., using an OTC)
Trading profits from exchanges/brokers

Screenshots of the transaction history displaying profits OR
Transaction history displaying withdrawals to Nexo OR
Screenshots of the exchange/broker account displaying your account details.
Income from services (e.g., affiliate income or other services)

Detailed description of the service AND
Receipts for services that have been paid for in cryptocurrencies AND
Explanations of the origin of the cryptocurrencies used for the payment
transactions AND
Screenshots of your wallets, which show their current income AND
Screenshots of your transaction history and withdrawal history
Initial Coin Offering ("ICO") and token sales

Copy of the contract or agreement confirming payment made in
cryptocurrency AND
Full name of the ICO, as well as the associated project's website AND
Transaction history that documents the purchase and withdrawal of the token
(wallet addresses and transaction ID) AND
Bank statement, if a fiat currency was used for investing AND
Confirmation emails, which display the purchase
Mining
Receipts for the purchase of mining hardware, on which the address of the
buyer and seller are displayed OR
Operating cost statements (e.g., electricity bills) also issued in your name OR
Screenshots of mining revenues and rewards OR
Screenshots displaying the transaction history from and to wallets, which
display wallet addresses and transaction IDs (self-made "Excel lists" are not
accepted).
Staking (Master Nods)

Screenshots of the transaction history on which deposits, withdrawals, and
profits are visible AND
Screenshots of the transaction history on which withdrawals to Nexo are
visible AND
Wallet addresses and transaction IDs
Airdrops
Screenshots of the transaction history on which deposits, withdrawals, and are
visible AND
Wallet addresses and transaction IDs
Coin or token swaps

Screenshots of the transaction history (wallet addresses and transaction IDs)
Lending and liquidity pools

Screenshots of the transaction history (wallet addresses and transaction IDs).
Please clarify where you have deposited the assets as collateral, as well as in
what amount and where the collateral that is being used has come from
How do I submit my supporting documents?

We will email you if we need any information about your funds/assets. The email will
contain detailed instructions on how to send us your documentation. When you
respond to our request, please do so from the email address registered with your
Nexo account to ensure a more efficient service.
All personal information sent to Nexo is kept strictly confidential

(https://support.nexo.com/s/article/how-is-my-data-protected). More information
on our privacy policy is available here (https://nexo.com/privacy-policy).
If you have any questions, please contact our customer support in-app, via the
website (https://support.nexo.com/s/contact), live chat, or write to
[email protected] (mailto:[email protected]).
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HELP CENTER

What is a Source of Wealth ("SoW") request?

What is a Source of Funds ("SOF") request?

What is a Source of Crypto request?

What documents can be submitted for those checks?

[3] Source of Crypto Supporting Documents (Individual and Corporate Clients)

Trading profits from exchanges/brokers

Income from services (e.g., affiliate income or other services)

Initial Coin Offering ("ICO") and token sales

Staking (Master Nods)

Coin or token swaps

Lending and liquidity pools

How do I submit my supporting documents?

All personal information sent to Nexo is kept strictly confidential

Nexo Referral Program - Explained (/s/article/nexo-referral-program-explained)

Earn high-yielding annual interest on crypto assets - Explained (/s/article/earn-high-yielding-

Nexo Exchange Services - Explained (/s/article/nexo-exchange-services-explained)

Nexo Fixed Term Deposits - Explained (/s/article/nexo-term-deposits-explained)

Buy With Card

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