The Description
We reserve the right to ask clients depositing or withdrawing sizable amounts of assets for confirmation of their source of wealth and source of funds due to the high value involved in some deposits or withdrawals and in accordance with our internal laws and regulations.
In order to comply with client due diligence requirements and anti-money laundering laws and regulations, we occasionally need to gather and verify additional information and documents from our customers. The most important part of this process is demonstrating the “Source of Funds” and the “Source of Wealth.”
However, we have the right to request thorough confirmation of source of wealth and/or funds if 24k Markets needs further information or explanation for any reason.
We’ve provided a list of necessary documentation below for your convenience.
Questionnaire
In order to identify and confirm the customer’s identity while opening an account, we need the following information:
- For what purposes do you use 24k Markets?
- Where do you get your money from?
- Are any of your close friends, coworkers, or relatives Politically Exposed Persons (PEPs)?
- How much do you anticipate trading annually?
- What sector do you work in and what do you do for a living?
- What is your yearly salary?
Source of Wealth
The source of the money used to fund your 24k Markets account should be shown on this document. We need documentation and justifications for how and when significant crypto deposits were made.
The following specifications should be met by the provided documentation:
- Must be in either a.pdf,.png,.jpg, or.jpeg format.
- Should be fully visible, with all four corners properly recorded (whether it’s a photo or scan).
- Your name, the statement’s date, and the transaction dates should all be legible.
- Each transaction’s specifics should be legible and clear.
- We must be able to clearly see the transactions indicating your revenue, even though you are allowed to conceal sensitive information (only with a piece of paper or a marker on actual physical paper); *Some sensitive information, such as your social security number, credit card number, or anything similar, may be covered.
- Bank statements, paystubs, and other records need to be current and show your most recent balances for the time frame in question.
We accept the following types of Source of Wealth documents:
- Two most recent taxable years’ tax returns.
- Assets letter from a bank or accountant.
- Bank Statement, equities statement, paystub(s) showing income from the previous two years, or one recent paystub from your employment (and/or a tax statement), as well as a bank statement displaying your most recent account balances. Your name, the date, and the amounts must be legible.
- A copy of the trading account statements or an extract from the cryptocurrency wallet that details profits made over the last six to twelve months (if applicable) and/or profits from stocks, ETFs, Bitcoin, and other cryptocurrencies that have been realized.
- Property Sales: require both a bank statement showing the deposit of the sale’s profits and a copy of the contract of sale (or a copy of the land registry, the title deed, or a letter from a real estate agent or attorney verifying the sale of a property). Both documents should clearly display your name, as well as the sums and dates.
- Savings: An entry on a bank statement that shows that the amount in savings is more than or equal to the sum being invested. At least three months should pass throughout the statement period. Your name, dates, and summaries must be legible.
- Loan: a signed loan contract AND a bank statement showing the loan’s deposit. Along with quantities and dates, the documentation should clearly display your name.
- Inheritance: a copy of the will (or a letter from the executor or attorney of the will) AND a bank statement showing where the sale funds were deposited. All documentation should clearly display your name, along with quantities and dates.
- Gifts and Donations: must include both a bank statement showing the deposit as well as an affidavit or letter from the donor outlining the nature of the gift. All documentation should clearly display your name, along with quantities and dates.
- Pension Fund: information/details, coupled with, if available, a fund statement, AND a bank statement showing the pension being deposited. Along with quantities and dates, the documentation should clearly display your name.
- Tax Refund: a copy of your most recent tax return (which shouldn’t be older than a year) showing your tax refund AND a bank statement showing the money being put into your account. Along with quantities and dates, the documentation should clearly display your name.
- Other: additional formal records proving the source of money and riches. Along with quantities and dates, the documentation should clearly display your name. The sums in question should be sufficient to cover your transactions with 24k Markets.
Please supply the following documentation if you are self-employed: (We need all of Document A and only one of Document B.)
A • Document(s) showing details of the business and ownership of the company; official business entity documentation where ownership is noted, along with ownership by any other individuals.
A • Articles of Incorporation,
A • Good standing Certificate, including shareholders.
B • Recent Company’s Financial Statement showing turnover.
B • Bank account statement with the company’s name (for existing businesses, the last three months of bank statements for the business account), showing amounts earned, or recent dividend statements.
B• Audited financial statements.
Acceptable Proof of Source of Wealth for Business Accounts:
- Audited Financials
- Tax Return (last two taxable years)
- Bank or Brokerage Letter Stating Assets
- Standardized statement from Kraken or other digital asset exchange
- Proof of balance at the crypto exchange(s)
- Signed message on crypto wallet
Source of Funds
Lastly, we need an extract or a screenshot of your crypto wallet provider in order to validate the wallet ownership used to deposit on our site.
Depending on the wallet being used, this document can be downloaded straight from the cryptocurrency wallet app or website, or it can be copied from the chosen transaction history.
It must include your complete name, cryptocurrency address, and the amount of money you have deposited on our platform.
Please verify that the transaction details reflect those in your 24k Markets account.
You can choose to send us a screen recording or a video of yourself if you are using a decentralized wallet. The entire process of checking in to the source platform must be shown in the video or recording, and the platform name and the website URL must be easily identifiable.
Please clearly display the relevant transaction’s crypto address, TxID, currency or token name, and transaction value when displaying the mentioned transaction record. The information must be integrated into a single recording or video.