Source of Funds (SOF) & Source of Wealth (SOW) Explained

H1: Source of Funds (SOF) & Source of Wealth (SOW) Explained

Introduction

- Request for financial documents can feel invasive - SOF and SOW are legal requirements - Triggered by large transactions - What this guide covers

H2: What Is Source of Funds (SOF)?

- Definition and purpose - Proves where deposited money came from - Required for specific transactions - Anti-money laundering compliance

H2: What Is Source of Wealth (SOW)?

- Definition and purpose - Proves your overall financial standing - Broader than SOF - Required for high-value players

H2: Why Casinos Request SOF and SOW

- Legal obligation under AML laws - Preventing money laundering - Protecting vulnerable players - Regulatory enforcement and penalties

H2: When SOF Checks Are Triggered

- Large deposits (typically over £2,000) - Large withdrawals - Cumulative deposits over time - Sudden increase in gambling activity - Unusual transaction patterns

H2: When SOW Checks Are Triggered

- Very high rollers - Cumulative deposits over £10,000-£25,000 - Extended verification requirements - VIP account applications

H2: What Documents Are Required for SOF

- Payslips (employment income) - Bank statements - Tax returns - Sale of assets (property, investments) - Inheritance or gift documentation - Business income proof

H2: What Documents Are Required for SOW

- Tax returns over multiple years - Property ownership documents - Investment portfolio statements - Business ownership records - Inheritance documentation - Pension statements

H2: How to Prepare Your SOF/SOW Documents

- Gather recent financial records - Ensure documents are dated correctly - Redact sensitive information appropriately - Organize by category - Keep originals for reference

H2: How Long SOF/SOW Verification Takes

- Typically 3-7 business days - Can extend to 2-4 weeks for complex cases - Depends on document clarity - Additional requests add time

H2: What Happens If You Can't Provide SOF/SOW

- Withdrawals blocked - Deposits may be restricted - Account may be closed - Funds returned to source - No exception for licensed casinos

H2: Are SOF/SOW Requests Legal?

- Required by AML regulations - UKGC and MGA mandate them - Casinos face penalties for non-compliance - Your rights under GDPR

H2: Red Flags and When to Be Cautious

- Unlicensed casinos requesting excessive info - Requests for irrelevant documents - No clear explanation provided - How to verify legitimacy

H2: Tips for Smooth SOF/SOW Verification

- Keep financial records organized - Submit clear, complete documents - Be honest and transparent - Respond promptly to requests - Use secure upload portals