What is a source of funds check?
Source of funds checks are very important but few people are aware of them. Revolut is committed to stopping financial crime at every opportunity and one of the ways in which we do this is by following the money trail.
During the source of funds check we'll ask you to provide documents that prove that your hard earned cash comes from a legitimate source and identify how and for what purpose your account is being funded.
Documenting the sources of income of a customer enables a financial institution to:
- ensure that customers are risk assessed appropriately
- understand how and where capital was generated
- ensure that necessary measures and controls are commensurate with the risks posed to the financial institution
- identify if a customer’s transactional activity is in line with what would reasonably be expected based on the information recorded about the customer
While we can't say for sure how long such a check might take, we're doing our best to finish the reviews as soon as possible.