What is the purpose of providing proof of income?

[Grayson1303]

What is the purpose of providing proof of income?

 

[stronco]

I assume its a bank or other financial institution that is asking.

In that case, the purpose is that they can "comply" with "regulations" to be able to demonstrate your money is "legitimate" from their point of view.

It was meant to stop "money laundering" and it for sure doesn't work.

 

[wellington]

Kinda like accredited investment -> proving you have the means to do what you are doing.

 

[jafo]

What is the purpose of providing proof of income?

If you need the bank, FI, or whoever is demanding this info, you may need to comply, otherwise, move your money and tell them to f*ck off! I find any of these requests a complete disrespect!

Personally, I refuse to disclose anything about me or my business but to each their own.

Bitcoin, ETH, Monero, DAI, USDT, USDC, XNO etc etc, hereinafter cryptos, never ask me for anything. "Cryptos" don't even have my name, phone number, or address.

 

[JohnLocke]

Personally, I refuse to disclose anything about me or my business but to each their own.

Bitcoin, ETH, Monero, DAI, USDT, USDC, XNO etc etc, hereinafter cryptos, never ask me for anything. "Cryptos" don't even have my name, phone number, or address.

Very true with the cryptos, sadly if you need a bank to accept your application, you will need to provide some sort of information and documents.

 

[wellington]

If you need the bank, FI, or whoever is demanding this info, you may need to comply, otherwise, move your money and tell them to f*ck off! I find any of these requests a complete disrespect!

Personally, I refuse to disclose anything about me or my business but to each their own.

Bitcoin, ETH, Monero, DAI, USDT, USDC, XNO etc etc, hereinafter cryptos, never ask me for anything. "Cryptos" don't even have my name, phone number, or address.

Had to google XNO -> in 13 yrs never heard of it. (f**k it's 13 yrs).