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Source of Wealth Checks
In order to comply with UK Financial Conduct Authority regulations, Odin must confirm that you obtained the money you are investing legitimately.
In general, if you're investing via Odin regularly, you'll need to provide source of wealth documentation roughly every six months, or every time you make an investment (if less regular than that).

What documents can individuals provide as proof of source of funds?

  • Personal income:
    • Copies of 3 most recent payslips from employer and bank statements showing 3 most recent payments into your account.
    • Personal tax return from the previous tax year.
  • Business income/profits:
    • copies of recent financial statements, bank statements or tax returns document not older than 12 months reflecting income and profits.
  • Sale of property:
    • Copy of a contract of sale, a copy of a land registry, a title deed or a letter from a real estate agent, a conveyancer or a lawyer confirming the sale of a property.
    • If the property is in the name of a third party (e.g. a trust or a company), the third party must provide a resolution confirming that the amount in question was paid to the client and why the amount was paid to the client.
  • Passive income (rental, dividends, interest, investment returns):
    • A copy of a recent tax return not more than 12 months old.
    • Detailed documentation signed by all relevant parties outlining the source of funds (eg. share transfer agreement, dividend receipts, rental agreement, export from interest-paying acccount), plus a bank statement evidencing funds coming into the investorโ€™s account.

What documents can businesses provide as proof of source of funds?

  • Recent tax return accompanied by a bank statement.
  • Confirmation that the investment is made for the companyโ€™s own account and not on behalf of any other party OR as a nominee vehicle on behalf of others.

What documents can trusts provide as proof of source of funds?

  • Trust documentation listing all beneficial owners.
    • Business or individual source of wealth information for each beneficial owner (as per the above).
    • We will accept a letter on headed paper signed by the trust's lawyers certifying that the trustee has carried out source of wealth checks on the trustors and confirming the source of wealth is legitimate, in compliance with FCA regulation.
  • Certified Copy of the Trust Deed and supplemental Trust Deeds, or equivalent constitutive documents detailing purpose and structure of the Trust and details of the Settlors, Trustees, Beneficiaries and Authorised signers.

What documents can funds provide as proof of source of funds?

  • Trust documentation listing all beneficial owners.
    • Business or individual source of wealth information for each beneficial owner (as per the above).
    • We will accept a letter on headed paper signed by the Fund's lawyers certifying that the fund has carried out appropriate source of wealth checks on the trustors and confirming the source of wealth is legitimate, in compliance with FCA regulation.
  • Certified Copy of the LPA or equivalent constitutive documents detailing purpose and structure of the Fund and details of the LP's