About verification of funds source

Hello,
I just open e new revolut account.
No problem to do it with verification of my id and photo.
5 minuts after, I receive a msg with confirmation of the opening of my account with the bank transfer of 50 euros.
The question is now : REVOLUT ask me to verify the origin of the funds :
1/ My 3 last pay slips
2/ the copy of the 3 bank statement to proove the credit of my pay
3/ the copy of the bank statement of the debit of the recharge

It is so crazy I can’t believe everybody do this !!!
Am i so unlucky or do I miss something ???
Thank you for your help !

2 Likes

@AndreasK


On a more general note, since many people are wondering about that, and not specifically about your case: financial institutions need to do certain KYC and AML checks about new clients. These checks vary, depending on your physical residency, tax residency, nationality etc. On top of that, financial institutions check your name against various databases. The less is known about you (which could be good), the more they need to ask. They are not nosy - it is a regulatory requirement. And of course they need to check any chance of fraud, credit defaults etc.

3 Likes

Hi there!

Thank you for contacting us.

@MrWatanabe is right. We must comply with AML and KYC regulations and be able to trace funds that coming in our business.

4 Likes

How much is the average threshold for asking a Source of funds?

I mean I always am afraid to top-up from my card in one go more than 200-300 thinking that my account may be blocked suddenly and I will be left with a couple of days dealing with the support?

4 Likes

Could you help me to speed up my source of fund verification I have been using Revolut for over 3+ years and I been a premium users for two years now. Yet my account was flagged when I transferred between my own accounts multiple times money in 1 day by the Revolut system. And I have directly giving out all the source of fund document asked and It been more then 3 weeks now. I been told that Revolut will get back to me as soon as possible. And that my case is been upgraded to higher priority yet I stil haven’t received anything. And the issue I have is that I also make use of Revolut Investing in stock market having a portfolio of 13+ K and I am basically losing money every day. By not being able to trade or use my account. So you see I am highly motivated to get my account back.

It depends but I never had an issue until the point that I did two transfers of 5000 in one day then it got flagged.