At Busha, compliance with financial regulations is a top priority. As part of our Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, we may request Proof of Wealth documentation to verify the financial standing of individuals and businesses looking to use our platform. This ensures transparency, security, and compliance with regulatory standards.
Unlike Source of Funds, which tracks the origin of specific transactions, Proof of Wealth provides an overall assessment of your financial position. Below are the documents we accept as valid Proof of Wealth at Busha.
Accepted Proof of Wealth Documents
To verify your financial standing, we accept the following documents:
1. Audited Financial Statements
If you are applying for a Busha Business account, submitting audited financial statements is the preferred way to demonstrate your financial capacity.
2. Bank Statements with Attestation
If audited financial statements are unavailable, we may accept a recent bank statement (typically from the past 3 to 6 months).The statement must be accompanied by an attestation from a principal officer of the company, confirming its authenticity and financial stability.
3. Subscription Agreements
If you are a startup that has raised funds, your subscription agreement can serve as Proof of Wealth.
4. Tax Returns
Official tax filings (typically from the past 1-3 years) provide a transparent view of income and financial standing.
5. Investment Portfolios
Documents detailing investments in stocks, bonds, or mutual funds, showing long-term financial growth.
6. Property Deeds and Valuation Reports
Ownership of real estate, supported by deeds and valuation reports, can serve as Proof of Wealth.
7. Inheritance Documents
Legal documents such as a will or probate records confirming inherited wealth.
8. Retirement or Pension Account Statements
Statements from retirement or pension accounts showing accumulated funds over time.
Why We Require Proof of Wealth
Providing Proof of Wealth helps Busha ensure compliance with KYC and AML regulations while maintaining a secure and transparent platform. This verification process protects our customers and business from financial fraud and illicit activities.
Please contact our compliance team via compliance@busha.co for assistance if you have any questions about submitting your Proof of Wealth documents.
By ensuring proper documentation, we can provide a safe and trusted environment for all Busha users.
