Source of Funds (SoF) Checks Process
What is a Source of Funds (SoF) Check?
A Source of Funds (SoF) check is a procedure used by Plutus to verify that the funds in your Plutus account come from legitimate sources. This process is required by law to ensure compliance with regulations that govern our business operations. As a financial institution, Plutus is obligated to adhere to customer due diligence and anti-money laundering regulations.
Regulatory Compliance
Plutus conducts SoF checks under Regulation 27 and 28 of The Money Laundering, Terrorist Financing and Transfer of Funds Regulations of 2017:
- Regulation 27
- Regulation 28
These regulations necessitate that we collect additional documentation from our customers to confirm the legitimacy of their funds. This process is essential to protect our customers and uphold the integrity of our platform.
How the Process Works
Our system automatically flags accounts for a SoF check, which is then handled by our Compliance team. Here is an outline of the process:
- Notification: A Support member will open a case for you. You will receive two emails:
- An automatic email from support@plutus.it indicating that a support case has been opened, including the case ID for reference.
- A message from the Support member regarding the SoF check, with a link to a Typeform.com form to fill out.
- Document Submission: You have 5 business days to submit your documents via the provided link. If we do not hear back from you within this period, your account and card will be temporarily suspended, and your account plan will be downgraded.
- Review: Our team will review your submission within 2 business days. If everything is in order, the process will end here. If your account was suspended, access will be restored, and the plan will be upgraded to its previous state. If there are any issues, we will send you another message to resolve them.
Legitimacy of Requests
If you received an email from support@plutus.it requesting sensitive documents for a SoF check, it is a genuine request from our Compliance team.
Safety of Typeform.com
The Typeform used for collecting SoF documents is secure and compliant with GDPR regulations. If you prefer, you can also submit your documents by replying to the emails sent from support@plutus.it.
Automatic Flagging for SoF Checks
Being flagged for a SoF check does not mean you have done anything wrong. These checks are automatic and required by law to ensure the legitimacy of funds.
If you have any questions, please reach out to our Support Team and they will be able to assist.
