What is the Source of Funds giftor check on CDD?

Verifying Source of Funds from a giftor

When your client declares they are receiving a gift as part of their source of funds verification, you can conduct a specific source of funds giftor check on that individual to protect against fraud and money laundering.

What information do giftors need to provide?

Thirdfort offers two Source of Funds questionnaires, one for purchasers and one for giftors. If your client is a giftor, they will first be asked to:

• Declare that the funds being provided constitute a gift by confirming:
  • The gift is non-repayable
  • The gift is being given to assist with a property purchase
  • They do not expect to have any legal or beneficial interest in the property
  • They will not be living at the property
• Provide their personal details:
  • Name
  • Date of birth
• Confirm the amount being gifted
  • If the giftor declares they have made the gift payment, they will provide:
    • Date the gift payment was made
    • Provide account details and bank statements from the account the gift payment was made from and confirm whether the account is individual or joint.
    • Declare the transaction reference for the gift payment
  • If the giftor declares they have not made the gift payment, they will provide:
    • Planned date for the gift payment
• Confirm the details of the gift recipient, including:
  • Full name
  • Phone number
  • Email address
  • Relationship to giftor
• Provide details and evidence of:
  • Employment and any additional income sources
  • The sources of the funds contributing to the gift

What sources can giftors add?

The giftor can choose from the following sources, and based on the source selected, will be asked to provide additional information.

• Savings contribution
• Sale of another property
• Other source

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