Why does the bank ask for the source of funds in a money transfer? | Ask Banky

Editor-in-Chief Mohamed Salah

ع

Editor-in-Chief Mohamed Salah

Why does the bank ask for the source of funds in a money transfer?

Asked by Banky team 2 months ago
Banky team Reviewed editorial answer

Because the bank is obligated to understand the nature of the transaction and the source of funds as part of its compliance and anti-money laundering procedures.

This isn't an accusation; provide a logical document explaining the source, such as a salary slip, sales contract, invoice, or business activity report, as applicable.

Source

Discussion

Join the discussion

Sign in to add your comment or reply to other readers.