Source & Proof of Funds
Ensure legitimacy of client funds with our Source & Proof of Funds Check
Source & Proof of Funds
Ensure legitimacy of client funds with our Source & Proof of Funds Check
The Law Society states that AML compliance is to prevent the use of criminal property – without this, the laundering of money is not possible.
Whilst client identity verification is vital to this process, recent guidance – including that from the LSAG – has stated that understanding client source of funds is vital for robust AML controls. Our Source & Proof of Funds Check can help give you peace of mind by quickly collating the vital information you need to verify where your client’s money is coming from.
What can we do for you?
- Reduce risk – make sure your client will have enough money available on completion
- Save time – quickly collect all needed bank account data in one secure report
- Maintain compliance – gain an understanding of the legitimacy of your client’s funds
Fast, secure and client-friendly
We provide a client-controlled process to enable digital reporting of key bank account data all within one report.
Our checks make client convenience a priority and removes the need for you to waste time analysing transactions by highlighting key fund movements and providing a visual timeline of balances.
- Proof of funds
Quickly check to see if the client has the necessary funds for the transaction, with access to transactions and balances up to two years, verified bank data, customisable date ranges, and multiple accounts in one report.
- Source of funds
Rapidly assess if the client’s funds are from a legitimate source. Gain insights on accumulation of funds across multiple accounts with a full view of incomings and outgoings, the identification of large payments and receipts, and access two years of marked up bank statements.
How it works?
- Send a request to your client
- Using open-banking technology, your client grants permission to the bank account data you need
- The report is shared with you for quick analysis
Manage the process with API integration
We can help you to balance your compliance obligations and customer experience needs with ease.
Our consultants will work with you to ensure smooth integration of our Proof and Source of Funds Check into your existing case management, CRM or third-party system.
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