What is Source of Funds?
What is Source of Funds and why does it matter for me?
Source of Funds may sound like a daunting process, but don’t worry! This process assists us to ensure that we can get to know you and provide you with a great customer experience, as well as ensuring that we fulfil our obligations. At times, it may be necessary for us to ask you to confirm your source of funds used to bet or play with.
If we ask you to provide source of funds documentation, it is important to make sure that you provide evidence that identifies the actual source(s) of funds that you use to bet or play with and that it matches up with and can substantiate your betting activity.
Why does Betfair have to ask for it?
All regulated betting companies have an obligation to carry out these checks, no matter where in the world the customer is based, for multiple reasons:
- Ensure it’s the correct person using the account.
- Protect our customers from fraud or being linked to illegal activities.
- To comply with Laws and Regulations in the regions that Betfair operates.
What information might be required?
Betfair will only ask for evidence specific to your betting. Documents of interest may include:
- Proof of earnings: Payslip/Director remuneration/Dividends/Pension;
- A bank statement/savings account that clearly shows consistent incoming values from an identifiable source
- A Trust deed clearly showing a consistent entitlement to funds;
- Dated proof of an award/payment made to you;
- Other clear evidence in relation to your activity with us
We understand this might feel intrusive, but we must adhere to the Laws and Regulations which we operate by.
Will I have to do it?
Not all customers will have to go through the process. If you do, we will contact you to start the process.
What happens if I don’t provide it when asked?
Unfortunately, if we are unable to speak with you or you can’t provide us with the required information or documentation, we may take steps to restrict your account until we are able to obtain this. If you provide the requested information/documentation at a later date we can undertake a re-review your account.