The legal background: Why banks check so strictly
In Austria, banks are by the Financial Market Money Laundering Act strictly obligated to verify the origin of the funds used by their customers. Due to their (pseudo-)anonymity, cryptocurrencies are often classified as „high risk“ by banks' compliance departments.
When you deposit a larger amount, the bank must ensure that the money does not come from illegal sources. A mere screenshot of your exchange or a simple list of trades is often not sufficient here, as the bank must be able to trace the chain of transactions („chain of custody“) without any gaps.
Why Blockpit & Co. alone are sometimes not enough
Tools like Blockpit are excellent for tax preparation and provide a good basis for verifiable proof of the origin of funds. With a manageable number of transactions and provided the data has been entered and classified correctly, the bank will be satisfied with an export from the tax tool. However, a tax report is not a forensic expert opinion, and especially when dealing with a high number of transactions, the use of various blockchains, swaps, bridges, DeFi protocols, etc., banks have recently been frequently demanding such an opinion.
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Data quality: The software only processes what the user imports. No verification of the data source takes place.
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Missing legal assessment: A tool cannot confirm whether a transaction is legally sound or whether risks within the meaning of the Anti-Money Laundering Act exist.
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Demand for objectivity: Banks (like increasingly Volksbanken or Sparkassen currently) are demanding a independent third-party audit, to minimize liability risks.
The external expert report as a door opener
A professional source of funds report bridges the gap between technical analysis and banking law requirements. It is essentially the „certificate“ for your crypto history.
What an expert opinion from ATB.LAW provides:
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Blockchain forensics: We use professional analytics tools to track the flow of your coins on the blockchain and exclude „dirty coins“ (e.g., from hacks or darknet markets).
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Seamless documentation: We merge your on-chain data with your off-chain documents (purchase receipts, proof of income, inheritances).
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Legal confirmation: As attorneys-at-law, we confirm the plausibility of the source of funds in consideration of the current Austrian legal situation.
Why ATB.LAW is the right choice for your crypto expert opinion
The auditing of crypto transactions requires knowledge from four different disciplines. At ATB.LAW, we bundle this expertise under one roof:
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Specialized lawyers: We know the requirements of the AMLA and speak the language of bank compliance.
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Certified Anti-Money Laundering Officers: We know exactly which „red flags“ banks look for and how to proactively invalidate them.
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Blockchain forensic scientist: We analyze transactions directly on-chain to prove the integrity of your assets.
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Cooperating tax consultants: We ensure that the expert opinion is also consistent with your tax situation.
This interdisciplinary approach makes our expert opinions particularly credible to banks and ensures significantly faster disbursement of your funds.
Conclusion: Act instead of react
Does your bank already require an external expert opinion? Or are you planning a larger withdrawal and want to avoid account freezes? Do not wait until the compliance department asks questions that you cannot answer on the spot.
Take the safe route. A well-founded proof of origin for cryptocurrencies is your insurance against frozen accounts and lengthy inquiries.
FAQ: Frequently asked questions about the proof of origin of funds
1. How much does an external crypto report cost? The cost depends on the complexity of your transaction history and the volume of data to be reviewed. We would be happy to provide you with a customized quote after an initial review.
2. Can the bank block my account despite the expert opinion? A bank always has the right to review. However, an expert legal opinion from a specialized law firm reduces the risk of a freeze to a minimum, as it directly satisfies the bank's due diligence obligations.
3. How long does it take to prepare an expert report? Depending on the availability of data, we generally need 2 to 4 weeks for a detailed expert report.
4. My bank gave me a tight deadline – is that going to work out? Yes, that is a scenario we experience in the law firm almost daily. As soon as you engage us, we will immediately contact your bank and announce our representation. We will inform the institution that a professional external report on the origin of funds is being prepared. As a rule, banks readily grant an extension of the deadline upon this, as they see that the review is now being prepared professionally. You can therefore relax: we will handle the entire communication with the compliance department for you.
Contact us
Have you received mail from your bank? Do you need a proof of origin of funds? Have you not paid taxes on crypto? Do you just want to proactively inform yourself about your options?
Contact us. As a one-stop shop, we will evaluate your individual starting position and guide you through the entire source of funds verification process. For further information and an initial assessment, please Roman Taudes, Anela Blöch and your team at any time at office@atb.law or by phone at 01 39 12345 available.
