Article content
- What do sources of funds mean?
- When does a bank require proof of source of funds?
- Documents that confirm the source of funds
- How to confirm the source of funds?
- What happens if proof is not provided?
Ukrainian law obliges banks to verify the sources of their clients' funds, especially in cases involving large sums or unusual financial transactions. For many, this requirement may come as a surprise, but such verification is a crucial part of the fight against money laundering and terrorist financing. In this article, we will examine why banks request confirmation, what documents can be provided as proof of source of funds, and how to avoid misunderstandings in such situations.
What do sources of funds mean?
Sources of funds refer to documented data that allow an objective assessment of a client’s financial capacity and the consistency of their income with their overall financial standing and transactions. These include all types of legally obtained income in accordance with Ukrainian legislation.
When does a bank require proof of source of funds?
Verification of the sources of funds is regulated by the Law of Ukraine "On Prevention and Counteraction to Legalization (Laundering) of Criminally Obtained Proceeds". As a primary financial monitoring entity, the bank is required to examine client transactions if they raise concerns about the declared financial standing. Any transactions that appear suspicious, do not match the client’s financial profile, or deviate from usual activity may be subject to verification.
For example, verification may be required in the following cases:
Transactions of UAH 400,000 or more
If you place a deposit, purchase movable or immovable property for UAH 400,000 or more (or the equivalent in foreign currency), the bank is obligated to check the source of funds. Similarly, suspicions may arise if payments are deliberately split into smaller transactions.
A sudden increase in transaction volume
If, when opening an account, you indicated an expected turnover of no more than UAH 50,000 per month but subsequently conduct transactions significantly exceeding this amount, it may indicate a discrepancy with the declared information.
An unusually large transfer
If you usually receive a salary of UAH 20,000 per month but suddenly receive UAH 200,000 from an unknown sender, the bank may suspect the funds have an unclear or illegal origin. However, a bonus or payout from your regular employer for the same amount would not raise concerns.
Uncharacteristic financial activity
If you have used your account for small monthly expenses for years but suddenly transfer a large sum to another person’s account, the bank may temporarily restrict account access for verification.
Cash transactions
A client regularly deposits cash, with amounts gradually increasing beyond the typical level for similar transactions (e.g., exceeding UAH 500,000). Such actions may require confirmation of the source of funds.
Financial transactions with a foreign element
If you previously conducted transactions only within Ukraine but then receive a significant sum from a foreign company or individual, the bank may request an explanation.
These checks are part of the legal requirements to combat terrorism financing and money laundering. They aim to ensure transparency in financial transactions and protect the interests of all bank clients. Read more in our article Financial monitoring of individuals in 2025.
Documents that confirm the source of funds
The list of documents that can serve as proof of funds is quite extensive. These may include:
- salary certificate;
- documents confirming income from the sale of goods, services, or property;
- documents confirming inheritance;
- insurance contract with proof of received insurance payouts;
- documents confirming lottery winnings or treasure claims;
- tax authority certificates on income received and taxes paid;
- other documents confirming payments received under civil contracts;
- copy of the asset and income declaration with a tax authority stamp (for Ukrainian tax residents);
- copy of a declaration of financial status or official declaration from the Unified State Register of Public Officials’ Declarations (maintained by the National Agency for Corruption Prevention);
- copy of a tax declaration (for non-residents of Ukraine);
- if receiving funds from relatives—an extract from the sender’s account and documents proving the family relationship;
- other documents (receipts, bank statements, certificates) confirming the legal origin of funds.
For politically exposed persons, their family members, or related individuals, additional documents confirming their wealth and sources of income must be provided. These may include:
- copy of an asset and income declaration with a tax authority stamp (for Ukrainian tax residents);
- copy of a financial declaration from the Unified State Register of Public Officials’ Declarations;
- copy of a tax declaration (for non-residents of Ukraine, if available);
- other documents verifying the source of wealth and income.
If you are looking for a standardized proof of source of funds certificate, please note that no such document exists. Instead, you can provide any of the official documents listed above.
How to confirm the source of funds?
Review the bank’s request, prepare the required documents, and submit them within the specified timeframe. If you are unable to provide the documents on time, you may notify the bank in writing, indicating when they will be available.
You can submit documents to Agroprosperis Bank in person at the branch where you are served, through the bank’s website feedback form, or via Viber and Telegram at +38 (067) 625 25 38.
If you have any questions or difficulties in preparing the documents, please contact the bank’s call center at 0 800 300 170 (toll-free in Ukraine) or +38 (044) 392 93 73.
What happens if proof is not provided?
Failure to provide proof of the source of funds may be considered a risk factor and lead to serious consequences. First, the bank has the right to temporarily restrict transactions on the account until the required information is received. If the client refuses to cooperate further, the bank is legally obliged to terminate the business relationship, which may include closing the account or refusing to process financial transactions.
Additionally, the absence of proof may trigger a report to the financial monitoring authority and, potentially, law enforcement agencies, which may initiate an investigation. In such a case, proving the legality of your funds will become a matter for the authorities.
This situation could not only harm the client’s reputation but also limit their future access to financial services. To avoid such problems, it is essential to respond promptly to requests, understand how to prove the source of funds, and prepare the necessary documents in advance.
Proof of origin is an important tool for increasing the transparency of financial transactions. If your income is legal, you will not have any problems. Regular preparation of documents, registration of business activities and a serious attitude to financial transactions will allow you to avoid unpleasant situations.
