Why does XXImo need the Source of Funds or Source of Wealth documents?

Understanding the source of funds and/or source of wealth is a critical component of Customer Due Diligence (CDD), as it helps us assess the profile of a customer and prevent financial crimes. This also gives you comfort that your financial transactions are safe with us. This helps us to minimize the risk of dealing with companies whose background is unclear, which in turn helps protect legitimate customers from potential regulatory issues, reputational damage, or financial instability. Essentially, it reassures customers that the institution operates in a secure, compliant, and well-regulated environment, making their transactions safer.