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Source of Funds Value (SOFV) is a way for us to ensure that we meet our ongoing customer due diligence (CDD) requirements per Section 21C of the FIC Act. It’s also in the best interest of our community to monitor where and how money flows in to the EasyEquities platform so that it is kept safe from those who have criminal intentions.
Part of taking these measures means taking obtaining information from you on where the money for your deposits comes from, and what your earning status is. You would have entered this information as part of your registration process and we use it to determine an annual deposit amount, in line with the details you have given.
Want to see where you stand on your SOFV? Log in to your EasyEquities account via website or app and visit the deposits page. Navigate to where it says Annual Cross-Account Deposits. Here you’ll be able to view your SOFV, as well as your cumulative deposit amount to date.
Here is a breakdown of the earning status and how we would allocate a SOFV accordingly:
Current Earnings Status
Initial Source of Funds Value
Private Sector Employment
Public Sector Employment
Self-employed / Consultant / Entrepreneur
For information relating to SOFV for minors, please refer to this article.
Note that the total deposits for SOFV applies to within the tax year (1 March to end-February every year).
What happens if I go over my SOFV?
If you go over or breach the allocated amount, we’ll need to get a bit more information from you. Until we receive this information from you, you may experience limited functionality in your account:
Day of deposit that causes breach
We notify you of the breach and request the documents.
30 Days after breach
You will not be able to withdraw your funds
90 days after breach
You will not be able to invest your deposited funds.
These "uncleared deposits" will be visible to you on your account overview page and the value reflected in your NAV but the funds cannot be invested. The deposit is directed to a special account, where the money attracts interest at the same rate as if it were allocated directly into your investment account. This is to ensure that your cash remains safe.
When the required documentation / information has been received, our client engagement team may either:
1. Increase the Source of Funds Value - We can reset the Initial SOFV created on registration to 20% of proven consistent regular income (eg. salary, rental income, dividends from investments etc), OR
2. Verify any irregular / out-of-the-ordinary deposits (eg. bonus, inheritance, proceeds from sales of assets etc) Once the type and value of an individual irregular deposit are verified, the value of that verified deposit is no longer included in the calculation of total cumulative deposits in a rolling year.
Please email one of the documents listed below to firstname.lastname@example.org so that we can evaluate a possible increase to your SOFV, verify an individual irregular deposit or work closely with you to reset the rules according to how you plan to invest:
- Copy of IRP5 (no older than the previous tax year)
- Copy of a payslip (no older than 3 months old)
- Copy of minimum of two (2) months bank statements (no older than 3 months old)
- Any other 'formal' documents that may be able to prove your earnings to us
If the deposit is a larger than normal sum and of an irregular nature (e.g. a bonus, inheritance, commission, proceeds on sale of assets) you can also email documentary evidence of that particular deposit to us so that we can take that into account too.
Should you notice a deposit is Uncleared and haven't been contacted yet, or have any questions / concerns with regard to the operation of our SOFV, please log a ticket with the topic SOFV and an agent will get back to you as soon as possible.