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.
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.
