TLDR: The Giftor Source of Funds questionnaire in Thirdfort helps gather client fund information to comply with AML regulations. Giftors must confirm the gift nature, amount, and recipients, then provide sources like property refinance, inheritance, or savings. A gift must be non-repayable, with no residence or legal interest expected by the giftor. If these conditions aren't met, the client is classified as a lender and must complete a purchaser questionnaire instead.
Giftor Source of Funds for your clients
Our in-app questionnaire helps you gather purchase funds information to comply with AML regulations. The user-friendly form lets you know exactly where your clients' funds are coming from.
What information does the giftor 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 provide:
- Confirm that the funds being provided constitute a gift,
- Confirm the amount being gifted,
- Confirm the names of the individuals receiving the gift
Once your client has provided these details, they will then be asked to add a breakdown of the individual sources they are using to fund the gift.
What sources can my client add?
Your client can choose from the following sources, and based on the source selected, will be asked to provide additional information:
|
|
What constitutes a gift?
As part of this journey, the client will be asked to confirm that the below facts are true:
- The money going towards the gift is not repayable
- The person gifting will not be living at the property
- The person gifting is not expecting any legal or beneficial interest in the property
If any of the above statements are not true, the client is not classed as a giftor and will need to complete a different Source of Funds app journey. If your client is expecting their gift to be re-payed, they are classed as a lender and will need to follow the steps outlined below.
If a client indicates in the app that one or more of the above statements is false, their report will appear as though the client has skipped the task, and no questionnaire results will be included.
The client does not meet giftor criteria
If your client is lending money towards a purchase rather than gifting (or are planning to live at the property in question), they will need to complete the questionnaire designed for a purchaser.
When setting up an activity for a lender, please select the person type as 'Property - Other'. This will send the client a new Source of Funds task for your client designed for a purchaser.
The client will need to enter the entire property price and allocate the buyer’s portion to ‘Other source’, adding a note to indicate those funds are separate to their gift. They should then indicate from where the remaining amount (their gift) has been sourced, i.e. from selling a property, from their savings, or from inheritance funds.
This article is based on accessing Thirdfort directly via our portal. If you access Thirdfort via a partner or reseller, functionality may differ.