Essential guide for conveyancers and legal practitioners
The legal profession often finds the Source of Funds (SoF) and Source of Wealth (SoW) checking challenging, complex and difficult to apply in practice. Our comprehensive guide simplifies the process by providing insights on:
- Regulations: carrying out SoF checks as per LSAG directives
- Documentation: key documents to establish the funds’ origin
- Enhanced due diligence: taking a risk-based approach to SoF
- Compliance technology: leveraging Open Banking
- AML compliance: benefits of using the right provider
Practical tips from an ex-regulator
Source of Funds verification is not just about collecting clients’ bank statements—it’s about understanding the broader context and ensuring compliance at every step.
Graham MacKenzie, our Director of AML and Economic Crime Risk, former Chair of the UK AML Supervisors Forum, and former Head of AML at the Law Society of Scotland, shares expert advice on conducting robust Source of Funds checks.
Source of Funds and Open Banking FAQs
FCA approved Open Banking technology is revolutionising Source of Funds checking, allowing clients to securely share their financial transaction data directly from their bank. As a result, practitioners can verify source of funds in just minutes.
But is it safe? How does it work? Will the regulators accept it? Is it better than traditional methods?
It’s natural to have questions about this relatively new technology, which is why we’ve compiled a detailed FAQs document.
Get in touch for seamless Source of Funds checks
At Amiqus, we use Open Banking technology which enables you to securely verify your clients’ source of funds in minutes by returning balances, transactions, payees, income and affordability data that can be digitally filtered to instantly highlight the key information you need.
