When you send larger amounts to fund your Newton account, you may be asked to provide proof of funds. Newton asks these questions as part of our obligation to Anti Money Laundering and Combating the Financing of Terrorism (AML/CTF) regulations.
The proof of funds documentation you provide to us helps us confirm that it is appropriate for us to accept your deposit.
What Types of Documents Can I Use as Proof of Funds?
There are a variety of documents that you can use as proof of funds, including:
- Line of credit statement,
- Property sale agreement,
- Investment statements, etc.
As an exception, we can also accept a letter from your financial institution on their letterhead with an explanation and confirmation about the source of your deposit.
Why is It Important to Provide Accurate Proof of Funds?
It is important to provide accurate proof of funds because we use this information to make decisions about whether or not to accept your deposit. Providing inaccurate proof of funds can result in your deposit application being denied.
What Are the Consequences of Not Providing Proof of Funds?
If you do not provide proof of funds, your deposit may be delayed or denied.
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