Source and Proof of Funds check
Understanding where client funds come from, and ensuring that this is a legitimate source, is crucial to avoiding money laundering and financial crime, and ensuring a smooth transaction to your firm. Identifying the source of your client’s funds and having solid proof of this is something the Legal Services Affinity Group (LSAG) has stated is critical for complete compliance and peace of mind.
There were 3.7 million incidents of fraud in England and Wales in the year ending December 2022
What we offer
Our Source and Proof of Funds checks are client-controlled, meaning your clients will feel comfortable and satisfied with the information they’re sharing with you. We then generate an easy-to-read report that brings together all the key bank account data your client shares to give you a better overview view of the legitimacy of their funds. Our checks put your customer at the heart of the process and focuses on highlighting key fund movements and a visual timeline of balances to assure you know exactly where client funds came from.
Our Source of Funds checks
The more you know about where client funds came from, the better you protect yourself against risk. With our Source of Funds checks, you gain insight into when and where funds were acquired and spent, across multiple accounts. Plus, you can access up to two years’ worth of marked up bank statements for greater transparency and assurance.
Our Proof of Funds checks
Knowing what your client can afford, and having proof they can make these transactions ensures financial stability of your business. With these checks, you will gain access to client transactions and the current balance amounts for up to two years, as well as verified bank data. Plus, you can customise date ranges and get data for multiple accounts delivered to you in one report.
The functions of our Source and Proof of Funds check
Our Source and Proof of Funds check has three main functions and benefits:
- To reduce risk: By checking where individuals or businesses have sourced their money from, you help avoid your business from being caught up in money laundering schemes or other types of financial crimes.
- To maintain compliance: Knowing exactly who you’re working with and ensuring the legitimacy of their funds helps to comply with AML regulations. This also prevents financial and reputational loss.
- To save time: The checks we offer will collate all bank account data needed from individuals or businesses you’re going to be working with, so you can further prove legitimacy of their funds.
How it works
Our Source and Proof of Funds check is quick and simple to use, saving your teams time and money. And as all the information comes directly from a client’s bank account, you’ll benefit from greater peace of mind. To carry out the check, there are three simple steps:
Send a request to your client
Your client grants permission to the bank account data needed via open-banking technology
We gather the data and collate it into a simple report for your analysis
Seamlessly integrate our funds checks with our flexible API
Maintain compliance and offer a service that prioritises customer convenience and need with our Source and Proof of Funds checks.
Utilising our adaptable API, our consultants will work with you to find the best solution for a smooth and seamless integration with your existing systems.
