Source of funds verification on FIAT deposits/withdraws executed via wire transfer

The destination/origin Bank account must be owned by the same individual (or entity) owning the Public Mint account.

Our banking partner must abide by the BSA's requirements when verifying the source of funds.

The Bank Secrecy Act (BSA) requires them to be able to verify the source of funds being deposited into the account, as part of their Anti-Money-Laundering (AML) obligations. Additional details about the BSA can be found here: https://www.occ.treas.gov/topics/supervision-and-examination/bsa/index-bsa.html 

Transactions must be initiated from an account belonging to the same beneficiary/person. If the account from which the funds are being transferred belongs to a third party (other than the account holder), our banking partner will flag this as a “source of funds mismatch”, and the transaction will fail/be returned.

A couple of the more common scenarios that result in these are:
1.  Funds being sourced from a joint account (for example, if the account is in the husband's name and the wife initiates the wire, this can trigger a source of funds mismatch).
2. Funds being sourced from a business owned by an account holder.

Note: when upgrading to a corporate account, it's important that the entity who created the public mint account it's the same as the entity owning the bank account of the business, so deposit and withdraws are not rejected.