TLDR: The Source of Funds report's Key Findings feature flags high-risk transaction elements such as declared gifts, absence of mortgage funding, overseas funds, funds from high-risk third countries, discrepancies in declared savings, more than ten cash deposits, and median cash deposit values over £500. This helps Thirdfort clients using the new CDD platform identify risks and make informed decisions efficiently.
Source of Funds: Key findings on CDD
Key findings allows you to identify high-risk transactions, red flags and items for consideration from the information provided by your client during source of funds.
What’s flagged in key findings?
Our latest addition to the Source of Funds reports provides a thorough analysis of various transaction categories. With this new feature, you will gain valuable insights into the following areas:
- Gifts: Any gifts declared are immediately flagged.
- Mortgage: If your client is not using a mortgage to fund the purchase, this will be flagged.
- Funds from overseas: Any declared funds coming from overseas will be flagged.
- Funds from high-risk third countries: Any funds coming from HRTC's as listed by HMRC will be flagged.
- Declared savings: If your client's actual savings are less than their declared savings, we will flag this.
- Total number of cash deposits: If your client has made more than ten cash deposits, this will be flagged.
- Value of cash deposits: If the median value of your client's cash deposits exceeds £500, we will flag this for you
With these enhanced reports, you can delve deeper into your client's financial data, enabling you to make informed decisions and take appropriate actions. Invest your time wisely and let our advanced solution do the heavy lifting for you.
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