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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 into the EasyEquities platform so that it is kept safe from those who have criminal intentions.
On the creation of the minor account, we allocate it a Source of Funds Value of R72,000.
How does it work?
We keep a tally of the value of the total deposits made across all minor accounts (ZAR and TFSA) in the tax year (1 March to end-February every year).
When a new deposit causes that total cumulative deposit value to exceed the SOFV we:
1. Direct the deposit 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.
2. Have one of our Client Engagement Champions call the authorised user of the account to ask some questions about:
Their source of funds, and
Their annual income so that we can consider increasing the Source of Funds Value to operate in line with what we think you're reasonably able to invest in a year.
Can I change the SOFV on a minor account?
Should you believe that the SOFV is too low and that your deposits and those of other contributors are likely to breach it in a year, please email one of the documents listed below to firstname.lastname@example.org so that we can evaluate a possible increase to the SOFV or work closely together 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.
I have multiple minor accounts and/or other family accounts I contribute to
Please mention that to the Client engagement team member so that he / she can evaluate the SOFV of all accounts you may contribute to in one go.
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.