Legal technology provider InfoTrack has released a new enhanced digital verification of funds solution encompassing Source of Funds, Proof of Funds, and Source of Wealth to make the whole process easier and faster for law firms and their clients.
Source of Funds and Source of Wealth checks are firmly in the spotlight as regulators like the SRA and the Law Society sharpen their focus on solicitors’ Customer Due Diligence, KYC, and AML responsibilities against a backdrop of increasing legislation.
The enhanced Source of Funds checks are embedded in the eCOS client onboarding platform which streamlines the data collection from individuals and provides solicitors with a single, convenient platform that also includes their Client Questionnaires, TA Forms, ID checks, and AML results.
The use of Open Banking technology means that eCOS can collect authenticated financial data directly from banks and building societies and provide it to solicitors with time-saving analysis and summaries of the individual’s financial position. The system also provides law firms with a digital audit trail of all the checks, data, and results throughout the onboarding process to be able to demonstrate their compliance to regulators.
InfoTrack COO, Sam Jordan comments:
“Our dream is for both our clients and their clients to have one simple, easy, and convenient way to exchange information and complete the necessary checks to make client onboarding faster and better. The enhancements to our Verification of Funds product have been designed in partnership with our clients, and we’re excited to give them more of the tools they need to do their work brilliantly.”
Law firms have already shared their enjoyment in using the new enhanced Verification of Funds solution, which is saving time and supporting risk management.
Amy Church, Managing Partner at Lucas & Wyllys Solicitors says:
“Enhanced VOF makes getting to the bottom of source of funds and wealth much simpler. The result is easy to understand, thanks to the breakdown on the first page. The result helps us to easily identify where the funds are held, how they were accumulated, and what further checks we need to carry out to complete our risk assessment. It makes the complicated source of funds and wealth task easier and quicker to carry out.”
For more information about eCOS and verification of funds, visit: bit.ly/42BlJSP
