Source of funds checks are often slower and more complex than they need to be. Legal teams are expected to review bank statements submitted in every imaginable format — from dog-eared paper copies to blurred photos taken on mobile phones. Alongside the time this takes, there’s always the risk of data being altered or shared insecurely, creating unnecessary exposure for both firms and their clients.
Open Banking offers a better way. It’s faster, more accurate, and provides data you can trust — straight from the bank. Built with security, regulation and client control at its core, Open Banking underpins Amiqus’s source of funds solution helping firms reduce effort, risk and delays in their checks.
Built with bank-grade security, regulated by the FCA
When a client uses Open Banking, they authenticate directly with their bank using the same security measures they already trust for online banking, including multi-factor authentication such as passwords, biometrics and one-time codes. Amiqus never sees, stores or shares bank login details, so clients can be confident their accounts remain secure.
Crucially, Open Banking is regulated by the Financial Conduct Authority (FCA). Our Open Banking partner, TrueLayer, along with all authorised Open Banking providers, must meet strict FCA requirements around data security, consent and access. This regulatory oversight gives firms and clients reassurance that Open Banking operates to the same high standards expected of financial institutions.
All data is shared using secure APIs — the same technology that underpins modern financial services. These connections are encrypted, rigorously tested and designed to prevent fraud, making them far safer than emailing documents or sharing photos of bank statements.
Giving clients peace of mind
For many clients, source of funds checks can feel intrusive — even though they’re an essential part of meeting AML obligations. Using Amiqus with Open Banking helps reduce friction and improve the overall experience.
Firms can request only the banking information they genuinely need, aligned to their risk policy. Data is kept to a minimum, stored securely within Amiqus, and supported by a clear audit trail. This transparency reassures clients that their information is being handled responsibly and for the right reasons.
Open Banking also removes the hassle of downloading statements, emailing sensitive documents, or delivering paper copies that could be shared unintentionally, with no visibility over who’s accessed them. Digital data is easier to manage, easier to protect, and far simpler to delete when retention periods end or a client requests removal.
A safer standard for modern compliance
It’s no coincidence that Open Banking adoption continues to grow across the UK. It brings together bank-grade security, FCA regulation, encrypted data sharing and client control in one streamlined process — a clear step forward from paper statements and unsecured documents.
For legal firms focused on compliance, efficiency and client trust, Open Banking is no longer just an upgrade. It’s becoming the standard. Using Amiqus’s Banking Information Check powered by Open Banking gives clients a safer way to share their financial data, while providing firms with verified information that stands up to scrutiny.
Change isn’t always easy, especially when clients are asked to move away from familiar paper processes. But Open Banking offers something better: a faster, more secure approach, backed by regulation and designed to protect everyone involved.
To learn more about Open Banking, download a copy of our FAQs for Businesses or FAQs for Clients
