TLDR: Thirdfort's Source of Funds check helps solicitors efficiently collect clients' bank statements via Open Banking or manual upload, gather purchase fund details through an in-app questionnaire, and generate a report highlighting results and potential red flags, ensuring AML compliance and fraud protection.
The Source of Funds Check
Our source of funds collection tool can be a valuable asset for solicitors and their clients. By providing a more efficient and streamlined way to collect information about the source of funds, it can help ensure compliance with regulations and protect against fraudulent activities.
What's included in the source of funds check?
Thirdfort's Source of Funds check can be broken down into 3 key parts:
- Collection of your clients' bank statements using either:
- Open Banking: using government-backed Open Banking technology, clients can automatically share 6 months of bank statements with you. Removing the risk of statement tampering or interception by email or post.
- Manual Document Upload: As an alternative to Open Banking, clients can upload their statements as PDFs or images. Intuitive, client-friendly, and perfect for clients who don’t bank online.
- Thirdforts in app Source of Funds questionnaire helps you gather purchase funds information to comply with AML regulations. The user-friendly form lets clients know exactly what information you need in a non-intrusive way. This can be customised for either purchasers or giftors.
- Thirdforts Source of Funds report, breaking down the received results and any red flags.
Walkthrough
This article is based on accessing Thirdfort directly via our portal. If you access Thirdfort via a partner or reseller, functionality may differ.