By Legal Futures Associate Lawtech Software Group
Verify 365’s client onboarding platform is made up of several different elements that enable lawyers, solicitors, conveyancers, estate agents and finance workers to onboard their clients and validate their information including their ID documents and in some cases their source of funds.
Our proprietary technology is the ultimate AML, KYC and compliance platform and we ensure you’re able to complete both lite checks and enhanced due diligence on your clients. Crafted by legal experts for the legal, property and finance sectors, our technology ensures you meet your compliance and due diligence obligations.
As noted above, one of the important elements that make up the Verify 365 technology and platform is our comprehensive source of funds checks. In this article, we will dissect our source of funds checks, how they work and how they are making a difference within a variety of sectors.
A winning combination
Trusted by hundreds of businesses worldwide, our innovative combination of advanced open banking technology, connections to over 4000 banks, detailed source of funds questionnaires, and advanced AI analytics enables you to seamlessly decipher an individual or business’s source of funds.
As part of the due diligence process, our technology allows you to analyse funding data going back two years so you don’t miss any vital information. Combined with advanced analytics, you can analyse financial data and make informed decisions about the source of funds and wealth.
The analytics give you a clear picture of the funds involved in the transaction, enabling you to spot any anomalies and take necessary steps to complete due diligence while also preventing financial fraud and our source of funds questionnaire can easily be tailored to your needs where appropriate. This winning combination ensures you build the best possible position to gain as much insight into funds involved in transactions.
In addition to this, our effective source of funds checks enable you to mitigate risk and crucially tackle financial crime. By using Verify 365, you remove anonymity for criminals, prevent fraud and protect your business. The checks will highlight any financial anomalies which will flag any money laundering, illicit funds or financial crime concerns.
Our source of funds checks eradicate the paper trail, allowing for more efficient, effective workflows. All our source of funds are regulated by the Financial Conduct Authority ensuring you are limiting criminal opportunities while complete due diligence within the regulatory guidelines.
What does this mean for lawyers and solicitors?
Businesses operating within the legal sector must complete source of funds checks to meet their due diligence obligations. For lawyers and solicitors, these checks help establish and validate a client’s identity, financial position and the funds being used in any particular transaction.
Our source of funds checks have ensured law firms can create efficient workflows with the check initiated seamlessly through the Verify 365 platform with all the submitted information and then collated into one comprehensive report. The workflows created through our onboarding and checks processes ensure your firm is streamlining while also practising compliantly within the regulatory guidelines.
What does this mean for conveyancers?
For conveyancers and conveyancing firms, our source of funds check plays a significant role, especially when it comes to property transactions. Analysing the funds being used in a property transaction is a must during the due diligence process. You need to ensure funds are legitimate and will not pose any potential threat.
As noted above, our winning combination ensures conveyancers can do just that and like lawyers and solicitors, we enable you to create much more efficient, streamlined workflows and validate your client’s source of funds data faster and make informed decisions.
Our source of funds checks are effective, ensuring you meet your compliance obligations and are combating financial crime effectively. They are an essential element of the Verify 365 platform that is packed with more innovative tools, elevating the legal, property and financial sectors. Our latest eBook is all about source of funds titled ‘The Source of Funds Handbook’ which details everything you need to know and more. It is available to download via our website so grab your copy today.
