Why do I need to provide proof of the source of my funds when transferring more than €20,000?

Some of you may be surprised to be asked for supporting documentation when crediting your VeraCash account. This is a requirement of anti-money laundering rules.

For that reason, we will ask you for proof of the source of your funds (real property sale, payout on a life insurance contract, etc.) in the following instances:

  • a credit in excess of €20,000, transferred to your account;
  • each credit to your account if its balance is higher than €20,000.

To help you understand the reasons for this request, we have posted an article on this subject on our blog.