Why can’t I withdraw?
We’ve put a temporary hold on your withdrawals until we’ve obtained some information from you.
It’s quick and simple to resolve this by sending that information to our client engagement team – see details below.
During this time, you can still access all other functionality on your account, including the buying and selling of instruments / holdings.
Let’s fix this. What do you need?
In summary, the total deposits you’ve made in the last rolling year (365 days), is more than the information you have submitted for your account suggests you can make.
In order to remedy this, we need to verify your source of funds. To do this, please email one of the documents listed below to firstname.lastname@example.org:
- 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 - for example:
- ITA34 (Income Tax Assessment)
- ITR12 (Income Tax Return - after submission)
- IF the recent 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 e-mail documentary evidence of that particular deposit to us so that we can take that into account.
- IF the account is that of a Juristic Entity (eg. Pty (Ltd), partnership, cc, etc), please send us:
- The latest set of Annual Financial Statements, OR
- Three (3) months bank statements in the name of the entity, showing revenue inflows
As soon as they receive this, our client engagement team should be able to update your information and release the withdrawal hold. If they need to clarify anything, they may contact you for further information.
How does the SOFV mechanism work and how long do I have?
We call the mechanism the Source of Funds Value (SOFV)
From the date on which the Source of Funds Value is breached, we give customers 90 days to submit the information to us.
If 90 days pass without us receiving that information, then any further customer deposits on that account will be allocated to a special interest-bearing account, but will not be available to invest until the information is received and your records updated.
Why put a hold on my withdrawals?
Because of the unique nature of our online business and the fact that most of it is conducted with little contact with our clients, we've had to devise a mechanism to alert us to when the investment activity on a client account differs from our knowledge of that client.
This mechanism then flags that account for our attention and allows us to conduct our ongoing customer due diligence as required.
What is customer CDD?
Section 21C of the Financial Intelligence Centre Act (FICA) requires Accountable Institutions to conduct ongoing due diligence measures on its customers and the business they are conducting with us.
These measures include:
- Monitoring of investment activities to ensure that transactions conducted in the course of the business relationship are consistent with our knowledge of the customer, their business and where necessary, the source of fund.
- Ensuring that the customer information we have is accurate and relevant.
These requirements mean that from time to time we will need to contact certain clients in order to understand the nature of those activities better.
- When you breach your SOFV we will inform you of the need to submit your information and remind you to hopefully avoid any unnecessary disruption to your investing.
- This is not meant to be an onerous or difficult process, but rather a consultative one in which we have a chat, get to know you a bit better and update some of your information.
- We assure you that we will safeguard the security, integrity, and confidentiality of any information sent to us as we are required to do as an authorised FSP and in terms of the Protection of Personal Information Act, 2013.