Knowing where your client’s money has come from is one of the harder parts of onboarding, and one of the riskiest to get wrong. Statements arrive late, gaps go unexplained, and the file waits while your team chases.
tmVerify confirms a client’s source of funds through secure Open Banking, so the information comes straight from the bank and sits against the matter, ready for any review.
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Your client connects their account securely, so the funds information comes directly from the bank rather than from forwarded statements that have to be read and questioned.
The result is stored with the matter, giving you a clear record for your AML file.
Source of funds sits alongside ID verification and AML checks, so everything for a new client lives in one place, from your onboarding hub through to TA forms.
1. Send your client a request. They connect their account securely, or provide the evidence you need.
2. tmVerify gathers the funds information and presents it clearly.
3. You review the result, and the record stays attached to the matter.
Less time reading bank statements. More confidence in the answer.
Book a demo Source of funds supports the client due diligence your firm must carry out under the Money Laundering Regulations.
Checks sit within the Solicitors Regulation Authority framework that supervises your firm.
Every check leaves a clear, time-stamped record for your file.
Source of funds is where onboarding most often stalls. Pulling the information directly from the bank takes the chasing out of it, gives you a clearer basis for your decision, and keeps a record you can rely on if you are ever asked to show your working.
It is the step that confirms where the money funding a purchase has come from, so a firm can satisfy its anti money laundering obligations before completing.
Source of funds is about the money being used for this transaction. Source of wealth is about how a client built up their overall assets. The two are related but answer different questions.
Open Banking lets a client securely share their account information, so the data comes straight from the bank. That removes the delay and uncertainty of collecting, reading and questioning forwarded statements.
Confirming source of funds is part of the client due diligence expected under the Money Laundering Regulations, with the level of checking matched to the risk of the matter.
Yes. The result is held against the matter, so you have a clear, time-stamped record.
