TLDR: Thirdfort's app helps clients provide source of funds information for AML compliance via questionnaires, bank statements, and evidence uploads. Purchasers must detail transaction, employment, income, and co-purchaser info, then list funding sources like mortgage, savings, gifts, property sale, or others, providing specific details and evidence for each. This guide applies to clients on Thirdfort's new CDD platform.
Source of Funds for your clients on CDD
Our in-app questionnaire, bank statement sharing and evidence upload tool help your clients share their source of funds information so you can comply with AML regulations. The user-friendly app guides your clients to provide details, context and evidence.
What information does my client need to provide?
Thirdfort offers two Source of Funds questionnaires, one for purchasers and one for giftors [hyperlink to giftor client help article]. If your client is a purchaser, they will be asked to provide:
- Transaction details:
- The total value of the property being purchased
- The value of any stamp duty being paid
- The address of the property being purchased
- Employment details:
- Employment status (e.g. employed, retired, self-employed)
- Relevant details regarding their employment based on their employment status (e.g. job title start date, employment type, income, payment references, etc.)
- Relevant evidence based on their employment status
- Additional income details
- Co-purchaser details
What sources can my client add?
Once your client has provided the above details, they will then be asked to add a breakdown of the individual sources they are using to fund the purchase.
Your client should list all sources which have contributed towards the transaction. The task will be completed when the full outstanding balance of funds has been accounted for.
Your client can choose from the following sources, and based on the source selected, will be asked to provide the listed information:
- Mortgage
- Mortgage amount (the full amount, not just the amount they are responsible for if they have a co-purchaser)
- Name of lender
- Co-purchaser details if relevant
- Evidence
- Savings contribution
- The amount of savings
- Account details and bank statements from the account where the savings are held
- Country where the funds originate from
- Co-purchaser contribution
- Co-purchaser details including name, phone number, email and relationship
- Co-purchaser contribution about
- Gift
- Gift amount
- Confirmation gift has been received
- Giftor details including name, phone number, email, relationship and country of residence
- Confirm if the gift is repayable
- Country where the funds originate from
- Confirm how the gift deposit was made (in one or multiple transactions)
- Date the gift payment was made
- Account details and bank statements from the account where the gift funds are held
- Transaction reference of the gift payment
- Property sale
- Country where the property is located
- Property address
- Purchase date of property
- Contribution amount from the sale
- Status of the sale
- Name of law firm
- Name of conveyancer
- Completion date
- Evidence
- Other source
- Contribution amount
- Description of source
- Country where funds were acquired
- Account details and bank statements from the account where the funds are held
- Evidence
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