Propiteer

Why do I need to prove my wealth?

When you top up your account, we may occasionally need documentary evidence from you so we know which bank or financial institution the investment funds have come from or passed through (source of funds). You might also be asked for evidence of how you acquired those funds, which is the source of wealth. You may be required to provide evidence if you identify with one of the following:

• You wish to top up your wallet with more than £250,000 within a 365 day period (from when the wallet was created).
• You wish to top up your wallet via a bank transfer with an amount over £100,000, or the top up is going to take you over £250,000.

Source of Wealth refers to how you acquired the funds you want to invest with. These could come from:

• Selling a property or business
• An inheritance payment
• A divorce settlement
• Another source

Source of Funds refers to how the funds have been moved from your account to Propiteer. This could be:

• Details of the bank account they came from
• Statements showing the money flowing from your bank account to ours
• Statements showing how the money was placed into your account before we received it

 

If documentary evidence needs to be submitted, we shall require documents from one or more (but not limited to) of the following categories:

 

1. Savings from salary (basic and/or bonus)

• Copy of a payslip (or bonus payment)
• Letter from employer confirming salary
• Latest audited accounts (if self-employed) and company bank statement

2. Sales of shares or other investments/liquidation of an investment portfolio

• Copy of investment/savings certificates, contract notes or cash-in statements
• Bank statement clearly showing receipt of funds and investment company name
• A signed letter detailing funds from a regulated accountant

3. Sale of property

• Signed letter from a solicitor
• Copy sale contract
• Signed letter from an estate agent
  
  

4. Inheritance

• Grant of probate (with a copy of the will) which must include the value of the estate
• Signed letter from a solicitor

5. Company sale

• Signed letter from a solicitor or regulated accountant
• Copy of contract of sale, plus bank statement showing proceeds
• Copies of media coverage (if applicable) as supporting evidence
  
  

6. Company profit

• Certified copy of latest audited company accounts

7. Gift

• Donor’s source of wealth (requirements of evidence as stated above for each individual source of wealth and a letter from the donor confirming details of the gift)

8. Money Transfers

• Bank statements
• Transfer confirmations

 

If you still have any questions regarding Source of Funds or Source of Wealth, please call a member of the Propiteer team on 01376 505282 or email us at info@propiteer.com