Bank Verification & Source of Funds

A fast, efficient and accurate way to complete AML & CTF checks

Understanding how customers obtain and spend their money is an integral part of your AML (Anti-Money Laundering) and CFT (Combating the Financing of Terrorism) compliance requirements.

Implementing VSiD’s automated bank ownership and source of funds checks means that, even with the most sophisticated methodologies to conceal the source of illegal funds, our proprietary customer due diligence (CDD) software identifies potential AML risks within seconds.

One simple source of funds report to help you make critical decisions

As money laundering becomes even more complex, most businesses have no way of knowing how funds have been obtained. With our FCA approved open banking technology, obtaining the decision-making information you need becomes easier and faster. One simple report confirms sources such as; regular earnings, mortgage and bank loans, inheritance, sale of assets, savings or funds received from any other third-party account.

FAQ

Questions & Answers

What is Source of Funds?

Source of Funds (SOF) is the origin of money and financial assets belonging to an individual or business

What is Open Banking?

Open banking allows FCA regulated third-party financial service providers to access consumer bank accounts with permission of the account holder to obtain transactional financial data directly from the bank.

Can a copy of the bank statement be supplied?

Yes, up to 24 months bank account history can be supplied as a securely locked PDF

What does the Source of Funds report confirm?

Each bank account search verifies ownership name and the type of account, together with a full report confirming where the funds have come from and large amounts paid into.

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