Source of funds checks are a critical part of effective anti-money laundering controls — but they’re also one of the most time-consuming and challenging parts of the process. Reviewing large volumes of bank transactions, evidencing decisions, and spotting genuine risk can put real pressure on fee earners and compliance teams.
That’s why we’re building a new Source of Funds feature – banking insights.
Insights is a new extension to our existing Banking Information check that helps you make fast, accurate decisions using trusted data provided via Open Banking. You can learn more about the advantages of Open Banking in our recent blog.
Designed to support a risk-based AML approach
Too often, banking transaction information is reviewed line by line or exported into spreadsheets just to make sense of it. Banking insights changes that by surfacing the information that matters most for AML and source of funds checks, helping you focus your time where the risk actually lies. In addition, providing this analysis through visual, interactive elements makes it quicker and more intuitive to spot specific transactions, movements and trends across accounts.
With banking insights, you’ll be able to:
- View a summary of all Open Banking connected accounts in one place
- Track account balances over time to quickly spot large movements or transfers between accounts
- Understand income and expenditure patterns, including regular income and unusually large transactions
- Review cash deposits and withdrawals, a key AML risk indicator
- Zoom in on specific time periods, accounts or transaction values to investigate further
- Export a clear PDF summary to support record-keeping and audit trails
Our insights view also allows you to tailor what you see on screen is tailored to the individual client and matter rather than trying to work with static report outputs.
Fast, regular improvements without the disruption
We’re delivering banking insights through a multi-phase early adoption programme over the next few months. New functionality will be released on a regular basis to a small group of customers, and their opinions and feedback help us learn what works well and where changes may be needed. This approach means we can deliver improvements into everyone’s hands more quickly — whether or not you’re part of the early adopter programme — while ensuring real customer feedback shapes new features and improvements that add value from the very first use.
We’re also designing these features to fit easily into existing workflows, with no need for in-depth training, so you can adopt new capabilities smoothly without disrupting your day to day work.
Available now in Phase 1
Get a clear, at-a-glance view of all accounts added via open banking in a dedicated insights dashboard, with quick access to any supporting documents uploaded as part of the check. An interactive running balance graph makes it easy to spot unexpected or unexplained patterns, large or abnormal changes, and transfers between accounts over time.
You can also drill into full transaction histories for each account, using filters and transaction classifications to quickly surface what matters most – including potential red flags such as gambling or significant or repeated cash activity.
Coming soon
We’ll be rolling out the complete set of banking insights features over the coming weeks and months:
Phase 2 – Income vs expenditure
Understand how money flows in and out of your client’s accounts with a simple income and expenditure view. Visual charts help you identify regular deposits, spending patterns, and periods where outgoings exceed income.
Switch between individual accounts or view them together, and zoom into specific timeframes to focus your review in the run up to or during the course of a transaction
Phase 3 – Cash transaction analysis
Quickly assess cash-related risk with a dedicated view of cash deposits and withdrawals over time. This makes it easier to see whether cash activity looks consistent with your client’s profile, or if the frequency or value of transactions needs further investigation.
Phase 4 – Large transaction insights
Save time by automatically surfacing the largest credits and debits across all accounts. Large transaction tables help you quickly identify key events – such as gifts towards a property deposit – without trawling through thousands of lines of data.
Flexible filters let you focus on transactions by size or significance, and view activity across accounts to easily trace internal transfers and funding sources.
Need access to Amiqus’ Source of Funds checks, or want to learn more about the new updates? Email [email protected] for more details and to get started.
