JN Money Services (JNMS) Limited relies heavily on accurate, timely and comprehensive
information for risk management, regulatory compliance, customer satisfaction and operational
efficiency. Among the information we are required to collect is source of funds (SOF), which customers provide to us by completing the Declaration of SOF form when sending money transfers.
What is SOF?
SOF, simply, is a declaration on where the customer obtained the monies which they are sending to their specified recipient. Some examples of typical sources of funds would be salary, savings or the proceeds from the sale of an asset.
Who must provide SOF Declarations?
Customers Sending US$1,000 or more – In the first instance, JNMS policy requires a customer who is sending US$1,000, or its equivalent in any other currency, to provide a Declaration of the SOF involved in the transaction.
Repeat Customers – Repeat customers are defined as any customer who sends two (2) or more money transfers within a three (3) month period, irrespective of the value of the transfer.
Change to Declaration of Source of Funds Requirement
Previously, JNMS customers would only be required to complete the Declaration of SOF, once sending transfers valued at US$1,000 or more (or its equivalent in any other currency). Effective August 2, 2025, all JNMS customers sending money, are required to complete the Declaration of SOF form, no matter the amount being sent.
Given the above, JNMS seeks the cooperation of its agents in implementing this vital change to the requirement for SOF declaration, applicable to all send transfers irrespective of value, as we seek to remain compliant with all regulatory requirements. Please note, the team is working to introduce a more efficient way of capturing SOF information per transaction via the eMoney platform. Until this is implemented, we seek your assistance and compliance with the changes outlined above.
Declaration of SOF forms are to be submitted through the usual channels as follows:
- JN-branded agents – Upload completed Declaration of SOF forms and supporting information (copied identification and tax registration number) to the respective branch folder on the Audit and Risk drive and notify the JNMS Compliance team by emailing complianceja@jngroup.com.
- All other agents – Send completed SOF forms alongside copied identification and tax registration number to complianceja@jngroup.com, with the customer’s name and MT number as the subject of the email.