In Australia, Beaufort Fiduciaries Pty Ltd (ACN 162 139 871, AFSL No. 545124) provides wholesale clients with access to derivatives where the underlying assets are digital assets. Derivatives are complex, regulated financial products that are difficult to understand and may not be suitable for inexperienced investors. For eligibility, terms and conditions click here. Krak Pay is offered by Bit Trade Australia Pty Ltd (ACN 163 237 634), Authorised Representative of Flexewallet Pty Ltd (AFSL 448066). This information is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether it is appropriate for you and read the relevant disclosure documents before making any decision.

Why do we ask for Source of Wealth or Source of Funds Documents?

Last updated: March 31, 2025

Kraken takes your security seriously and follows strict laws to prevent money laundering and illegal activities.

To meet these legal requirements, we may sometimes ask for extra information or documents about how you built your overall wealth (Source of Wealth) and where your money comes from for a specific transaction (Source of Funds). This helps us keep your account safe and compliant.

This does not mean you have done anything wrong! In fact, a SOF/SOW document might simply be required based on the country you live in, or because of your current situation, such as being a student or currently unemployed.

Source of wealth is all about showing a full picture of how you’ve built up your wealth over time (eg: from your income, savings, investments, property, etc.). To confirm this, you’ll need to provide a document that matches the information you’ve shared in your application.

Example of POSOW documents: Payslips, Pension award letter, Legal document showing transfer of assets as part of an inheritance, Tax returns or filings, etc.

Proof of Source of Funds (POSOF) verifies where your money comes from for a specific transaction.

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    If funds are not yet in your Kraken account, provide a document showing how the money was earned (e.g., salary, investments, inheritance) and proof you received it (e.g., bank statement).

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    If funds are already in your Kraken account, also provide a document showing that the funds/crypto were transferred into your Kraken account (e.g., bank statement or crypto wallet transaction).

Sometimes, a single document (like a bank statement showing salary deposits and transfers to Kraken) is enough.

Example of POSOF documents: Bonus payment receipts, Tax document showing employment, Investment account statement, Mining payout statements, Lottery prize claims, Signed lease agreements including rental amount, etc.

If the document showing how you earned your money doesn’t confirm that you actually received it, eg: a signed lease agreement including rental amount, you’ll need to provide another document to show this, for example, a crypto exchange statement or bank statement showing the rent money was deposited into your account.

Documents must have the attributes below to be acceptable:

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    File format: .pdf, .png, .jpg, .jpeg, .doc, .docx

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    Document image: Must be complete, clear, and at least 1 corner or edge must be visible.

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    Essential information: Image can be derived from a camera, scanner, or a screenshot, as long as the necessary information is clearly visible: your name, issuer's name/ logo, statement and transactions date, account balance, and transaction amounts.

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    Transaction visibility: Sensitive data (e.g., account numbers, SSN) may be redacted, but the essential information must remain visible.

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    Document validity: Documents must be dated within 24 months (but exceptions apply).

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    Information matching: Address in the document must match the one listed in your Kraken profile and P.O. Box addresses are not acceptable.

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    Balance: Dollar amount of account balance cannot be $0.

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    Payslips or Payroll stubs, Bank account / debit card statement showing direct salary deposits

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    Pension distribution (e.g. Social Security) statement or other pension document

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    Inheritance, Legal document showing transfer of assets as part of an inheritance

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    Fiat or crypto investments

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    Business Proceeds e.g. Financial Statements, Tax Documents or Sales/Revenue Records

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    Investments/Liquidation of an asset

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    Private Equity/Venture Capital (business accounts).

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    Mining payout statements or other document showing mining rewards which include your name

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    Documentation showing the source of crypto lending income, such as a lending platform statement or a wallet statement

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    Documentation showing the source of staking income, such as a staking pool statement or a wallet statement

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    External cryptoasset exchange statement, showing your name, email ID, wallet address and balance(s), along with a document identifying the original source of the assets used to purchase the cryptoassets

This list is just a starting point - we accept many types of documents! If you’re unsure about one, simply send it our way, and we’ll review it for you. We’re here to help every step of the way.


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