Ka.app conducts Know Your Customer (KYC) checks to comply with financial regulations that prevent money laundering, fraud, terrorist financing, and other illegal activities. We have different KYC levels, with higher levels enjoying greater transaction limits and other advantages.
KYC Levels 2 and 3 have no limit per transaction (send, receive, deposit, withdraw, and convert). However, for risk mitigation and security purposes, our compliance team may still review notably large transactions. If your transaction is deemed suspicious, you will be asked to provide valid proof of source of funds and/or other applicable documents.
In this article, we answered some of your frequently asked questions (FAQs) about proof of source of funds for seamless KYC checks and transactions on Ka.app.
Note: We require different proofs of source of funds for euro and crypto transactions.
What Is a Proof of Source of Funds?
In KYC, proof of source of funds refers to any document or evidence that validates the lawful origin and legality of the funds you intend to use.
When Does Ka.app Require a Proof of Source of Funds?
Ka.app may request you to submit a proof of source of funds for unusually large transactions to prevent illegal activities and promote security within the platform.
What Proofs of Source of Funds Do You Accept on Ka.app?
Ka.app accepts a wide range of proofs of source of funds, divided into two groups:
a. For Euro Transactions
- Documentation of your personal savings account
- Client contract
- Commercial income (e.g., rental)
- Salary/employment income
- Donation contract/gambling winnings
- Inheritance/gifts
- Pension release
- Property sales
- Share sales and/or dividends
- Other valid sources
b. For Crypto Transactions
- Purchase or withdrawal confirmation from an exchange or broker
- Trading profits made on other brokers or exchanges
- Crypto income from services
- Initial coin offering (ICO) and sales
- Mining income
- Staking income
- Airdrops
Why Do Some Proofs of Source of Funds Get Rejected?
A proof of source of funds may get rejected for different reasons. Some of these include but are not limited to:
- The transaction period of the documents submitted is not up-to-date
- The document is invalid or not signed by the concerned parties
- The document is not clearly readable
- A part of the document was cut out
My Proof of Source of Funds Was Rejected. What Can I Do?
Usually, our compliance team provides the reason why your document was rejected. You must fix that issue to succeed when you submit your proof once more. For instance, if a part of the file was cut out, you may scan or take a photo of your document again showing the entire document.
What Salary Documentation Can I Submit?
If you are a full-time or part-time employee, you can submit any of the following as proof of your employment salary:
- Bank account statement issued within the last 90 days, displaying your source of income and the transaction details (i.e., sender and recipient IBANs, names, and date)
- Pay slips or salary/wage statement
- Certificate of employment containing your monthly salary, signed by your employer.
What Other Personal Income Documents Do You Accept?
Aside from the abovementioned documents, you may also submit any of the following for proof of personal income:
- Most recent tax return statement, displaying your net income
- Two salary or pension payment details excerpts from the bank statement
What Rental or Lease Income Statements Do You Accept?
If you are a landlord, you may submit any of the following as proof of your rental income:
- A rental agreement signed by the client and/or tenant, plus a bank statement showing the receipt of the payment and the transaction details
- Bank statement covering 3 months showing the received rental or leasing income, plus the transaction details
- Proof of ownership (e.g., land register excerpt), plus a bank statement showing relevant examples of incoming payments
- Most current tax return statement
What Proofs of Real Estate Sales Do You Accept?
If you got your funds from a real estate sale, you must submit a certified sales contract in the name of the account holder and bank statements showing the receipt of the payment and the transaction details.
How Should I Proceed if the Source of My Funds is a Loan?
A loan is a valid source of funds. If this is your case, please submit a loan contract signed by all parties involved and bank statements showing the receipt of the payment and the transaction details as proof.
What Documents Should I Submit if the Funds Were Given to Me as a Gift?
Please submit any of the following documents if the funds you will use came in as a gift:
- Gift agreement or deed signed by all parties
- Tax or Ministry of Finance notification (especially for significant value)
- If monetary: Include bank statements showing the receipt of the payment and the transaction details on top of the prior document
What Proofs of Source of Funds Can I Submit for Dividend Earnings?
If you wish to transact large amounts on Ka.app using your dividend earnings, please submit a profit distribution agreement(s) or dividend resolution in the name of the individual (or proof of ownership), plus bank statements showing the receipt of the payment and the transaction details.
What Documents Can I Submit for a Sale of Company Shares?
If the source of your funds is the sale of shares in a company, please submit notarised contracts of the sale of the shares of the company in the name of the account holder, plus bank statements showing the receipt of the payment and the transaction details.
What If I’m Using an Inheritance for My Transaction?
For proof of inheritance, please submit a declaration of inheritance or Tax or Ministry of Finance notification, plus bank statements showing the receipt of the payment and the transaction details.
What Crypto Purchase or Withdrawal Confirmation Can I Submit?
If you are depositing crypto into Ka.app after purchasing them from a broker or exchange, please submit any of the following documentation:
- Screenshots of purchase and withdrawal confirmation displaying the account ID or any other unique identifier and all transaction details
- Receipts that provide proof of purchase (e.g., using an OTC)
What Proofs of Trading Profit Can I Submit?
If you are depositing crypto trading profit into Ka.app, whether form a broker or exchange, please submit screenshots of the transaction history displaying profits and displaying withdrawals, plus screenshots of the exchange account displaying your account details.
What If I Get Paid in Crypto?
If you will receive or deposit crypto in the app for providing services, please submit the invoices you sent for the services paid for in crypto, plus a screenshot of the withdrawal from the wallet/exchange.
What Documents Can I Submit if I Got My Funds from an ICO or Token Sales?
You may submit any of the following documents for ICO or token sale transactions:
- For ICO: a signed contract, including the full name of the ICO
- For token sales: a signed contract confirming the payment made in crypto.
- Transaction history (screenshots/emails) documenting the purchase and withdrawal of the token (wallet addresses and transaction ID)
- Bank statement (if cash was used for investing)
What if I Receive Crypto from Mining?
If you received crypto from mining, please provide a proof of mining equipment ownership (e.g., photos, purchase receipts), screenshots of the mining platform displaying rewards, hash rate, and number of miners, and screenshots or email confirmations showing the transaction history from and to wallets, displaying the wallet addresses and transaction hashes.
What Documents Can I Submit for Crypto Gained from Staking?
If you got your crypto funds from staking, please submit screenshots of the transaction history on which staking deposits, withdrawals and profits are visible, including the interest rate and staking period, plus the involved wallet addresses and transaction IDs.
What if I Acquired Crypto from Airdrops?
For large amounts of crypto acquired from airdrops, please submit screenshots or email confirmations of the transaction history, on which the deposits and withdrawals are visible, plus the wallet addresses and transaction IDs involved.
For coin or token swaps, please provide screenshots of the transaction history (crypto wallet addresses and transaction IDs), showing the swaps and withdrawals.
The Bottom Line
KYC checks allow Ka.app to verify users and the legitimacy of their funds, which are crucial in preventing fraud, money laundering, and unauthorized activities on our platform. While complying with regulatory standards, KYC also helps strengthen our security protocols and establish trust among our community.
If you’ve been asked to submit a proof of source of funds, be sure to provide accurate and up-to-date documents for a smooth verification process. Meanwhile, if you have questions or concerns, please reach out to customer support.
