Our Source of Funds check is a comprehensive tool designed to help you stay compliant and securely verify where your client's money originates from. This check includes our Open Banking feature, source of funds analytics, and a detailed questionnaire on the source of funds and wealth.
What is Open Banking?
Open Banking allows clients to securely link their bank accounts to the app with just a few clicks. Once connected, up to two years of bank statements are automatically retrieved, and a risk analysis is performed. Here’s a step-by-step video showcasing how a client would complete a source of funds check:
If a client feels uncomfortable connecting their bank account within the app, they have the option to click on the "Skip" button as shown in the video. They can then manually upload copies of their bank statements by taking pictures of paper statements or uploading them directly from their device.
What is the Source of Funds/Wealth Questionnaire?
This detailed questionnaire is particularly tailored for property and conveyancing matters to determine the origins of a client's funds. For matters not related to property, it includes alternative questions that cover other sources such as savings, ISAs, and gifts.
For a detailed look at the questions included in the questionnaire, please click HERE.
Understanding the Results
The results from these checks provide a comprehensive overview of the client's funding sources and highlight any potential risks related to money laundering that may need to be addressed before proceeding with their case.