All anti-money laundering regulated entities, including estate agents and conveyancers, must verify the Source of Funds as part of their customer due diligence.
Our platform streamlines your due diligence process, allowing you to gain a complete view of your clients' funds, eliminating the need for time-consuming back-and-forth.
Analyse Client Payments
Minimise the risk of falsified documents by validating payment information directly from your clients' bank accounts.
Verified Status
Effortlessly monitor which accounts are verified and identify those still pending, ensuring a clear audit trail.
Faster Decisions
Streamline decision-making with a comprehensive report that consolidates all sources of verified evidence in one place.
Proof of Address
Verify a candidates address as part of the ID Verification process by allowing them to upload a utility bill or bank statement.
Third-Party Data Checks
Verify the candidates name, date of birth or address against records from a centralised database
AML Watchlist Screening
For high-risk use cases, we can check a candidates information against a global database of PEP, sanction and watch lists.
“Source of Funds” refers to the origin or provenance of money or assets used in a particular financial transaction or investment. All anti-money laundering regulated entities, including Estate Agents and conveyancers, are required to determine the Source of Funds as part of Customer Due Diligence. The regulations require regulated entities to assess whether the Source of Funds are consistent with their knowledge of the customer, the customer’s business and their risk profile.
Yes, your customer can easily connect with multiple accounts in one go with all reports saved against your customer’s file. For each account provider, they will need to provide permission and account authentication.
100s of financial service firms and banks have signed up for Open Banking including 90 account providers. The list of account providers includes the big 5 – Lloyds, HSBC, Barclays, NatWest and Santander, as well as challenger banks like Starling, Revolut and Metro. You can find a full list by visiting the official Open Banking website https://www.openbanking.org.uk/
Open Banking uses rigorously tested software and security systems. Your customer will never be asked to give access to their login details, PINs or passwords. In addition, only apps and websites regulated by the FCA can access the Open Banking infrastructure and your customer chooses when, with whom, and how long third parties get access to their data.
