Source of funds/wealth verification
As Smarkets offer a platform for users to trade on, we have a licensing obligation to know that the source of the funds that customers use to trade with is legitimate.
Therefore, we may request users to provide us with evidence to confirm the source(s) of the funds they use when certain thresholds have been triggered.
All betting exchanges and bookmakers regulated by the UK Gambling Commission are required to carry out these checks.
What information to send
Evidence needs to identify and support the source and value of the funds you use to trade with. Each case is dealt with on an individual basis, but common requests are:
- Proof of earnings: Payslip/Director remuneration/Dividends/Pension.
- A bank statement that clearly shows consistent incoming values from an identifiable source.
- Other clear evidence that would support "affordability" in relation to your trading with us.
You may also be requested to send an image of a statement showing a recent deposit to your Smarkets account to confirm ownership of the funding account.
What will the information be used for?
The information provided will not be used for any purpose other than to establish that the money you use on our exchange comes from legitimate sources, so that we can discharge our regulatory obligation.
We understand that this process may seem intrusive, however, we must adhere to the Gambling Commission's licensing requirements.
Failure to provide this information
Unfortunately, if you cannot provide us with sufficient evidence we will be unable to allow you to continue to use our exchange, and your account would be closed.
We will reconsider your account if at any time in the future you are able to provide the requested information.
How to send documents for source of funds checks
The securest and fastest way to send documents is via the document uploader on our site. This link will have been sent to you via the source of funds check email.