Considering the high value involved in certain deposits or withdrawals, and according to our internal rules and regulations, we reserve the right to request proof of source of wealth and source of funds for clients depositing or withdrawing large amounts of assets.
We are occasionally required to collect and verify additional information and documents from our customers to comply with customer due diligence and anti-money laundering laws and regulations. Proving the “Source of Funds "and ‘’Source of Wealth’’ is the key aspect of this process.
However, if for any reason Hive Markets requires further information or clarification, we reserve the right to request comprehensive proof of source of wealth and/or funds.
For your convenience, we’ve included a list of required documentation below.
We require the below information in order to identify and verify the customer’s identity when opening an account:
- What are you using Hive Markets for?
- What is your source of funds?
- Are you or any of your close business associates or family members a Politically Exposed Person (PEP)?
- How much do you expect to trade per year?
- What industry do you work in and what is your occupation?
- What is your annual income?
Source of Wealth
This document should display the origin of the funds used to fund your Hive Markets account. In cases of large crypto deposits, we require proof and explanations of how and when the crypto assets were obtained.
Provided documentation should comply with the following requirements:
- must be in one of the following formats - .pdf, .png, .jpg, .jpeg;
- should be visible in full, with all four corners captured (in case it’s a photo/scan);
- your name, date of the statement, and dates of transactions should be clearly visible;
- all transaction details should be clear and legible;
- while you may cover sensitive information (only with a piece of paper, or a marker on an actual physical paper), we need to clearly see the transactions specifying your income; *It is acceptable to cover some sensitive information, for example - social security number, credit card number, or similar.
- bank statements/payslips/other documents must be relevant to the time period in question and should also reflect your most recent balances;
Types of source of wealth documents we can accept:
- Tax Return (last two taxable years);
- Letter from Bank/Accountant stating assets;
- Bank statement and/or equities statement;
- Payslip(s) showing previous two years’ income OR one recent payslip from your employer (and/or a tax statement) AND a bank statement showing your recent account balances. Your name, date, and amounts should be clearly visible;
- Extract of the crypto wallet and/or trading account statements showing the gains for the last 6 months to a year (if applicable) and/or realized gains from stocks, ETFs, Bitcoin, and other cryptocurrencies;
- Sale of property: a copy of a contract of sale (or a copy of a land registry, a title deed, or a letter from a real estate agent or a lawyer confirming the sale of a property) AND a bank statement that displays the proceeds of the sale being deposited. Your name should be clearly visible on both documents along with amounts and dates;
- Savings: a bank statement reflecting that the savings are more than or equal to the amount being invested. The statement period should cover at least three months. Your name, dates, and amounts should be clearly visible;
- Loan: a loan agreement AND a bank statement that displays the loan being deposited. Your name should be clearly visible on the documents along with amounts and dates;
- Inheritance: a copy of a testament (or a letter from the executor of the will or lawyer) AND a bank statement that displays the proceeds of the sale being deposited. Your name should be clearly visible on all documents along with amounts and dates;
- Gift or donation: an affidavit/letter from the donor explaining the nature of the gift AND a bank statement reflecting the deposit is acceptable. Your name should be clearly visible on all documents along with amounts and dates;
- Pension fund: information/details on the pension fund (along with a fund statement, if available) AND a bank statement that displays the pension being deposited. Your name should be clearly visible on the documents along with amounts and dates;
- Tax refund: a copy of the tax return that reflects the tax refund (should be no older than 12 months) AND a bank statement that displays the funds being deposited to your account. Your name should be clearly visible on the documents along with amounts and dates.
- Other: other official documentation evidencing the source of wealth and funds. Your name should be clearly visible on the documents along with amounts and dates. The amounts in question should support your financial activity with Hive Markets.
If you are self-employed, please provide the following set of documents: (we require all documents from A and ONE document from 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, in order for us to verify the wallet ownership used to deposit on our platform, we require an extract or a screenshot of your crypto wallet provider.
This document can be obtained directly from the crypto wallet app, or website, it can be downloaded or captured from the designated transactions history, depending on the wallet used.
It will need to show your full name, crypto address, and the amounts you have deposited into our platform.
Please make sure that the transaction information is consistent with that in your Hive Markets account.
If you are using a decentralized wallet, you may opt to send us a video of yourself, or a screen recording. The video or recording must show the complete process of you logging in to the source platform, the platform name and website address should be clearly identifiable.
When showing the said transaction record, please clearly indicate the crypto address of the required transaction, TxID, the name of the coin/token, and the amount transacted. The content must be included in a single video/recording.