TLDR: Thirdfort's Source of Funds feature streamlines client financial data collection for compliance and fraud prevention. It gathers bank statements via open banking or manual upload, collects transaction and source details through a secure questionnaire, and obtains relevant documents like mortgage agreements and payslips. Source of funds checks are reviewed within the platform and in a PDF report, aiding efficient client due diligence on the new CDD platform.
Source of Funds on CDD
Thirdfort's Source of Funds delivers an efficient and streamlined method to collect and review your client’s financial position and sources, helping you to ensure compliance with regulations and protect against fraud.
What information and evidence is collected in Source of Funds?
Thirdfort's Source of funds check collects:
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Your clients' bank statements via:
- Open banking: using government-backed open banking technology, clients can automatically share 3, 6 or 12 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.
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Transaction and source details:
Our dynamic questionnaire collects information on your clients' financial position and sources in a secure and safe app journey.
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Evidence and documents:
For every source or income declared, our dynamic app gathers the relevant documentation e.g. mortgage agreements, payslips, and confirmation of sale.
How are Source of Funds checks reviewed?
This guide is for Thirdfort Clients using the new CDD platform. This article may not apply if you have not yet been migrated to the new platform or access Thirdfort via a partner or reseller