## Summary

This article explains how to trigger and review a Verification of Funds check as part of Enhanced Client Due Diligence for high-risk clients. 

## When to Use This

Use this feature when a client's transaction involves large sums of money, such as a $100,000 physical currency transaction, and you need to confirm how they obtained the funds.

## Step-by-Step Instructions


1. Navigate to the **Enhanced Client Due Diligence (ECDD)** section of the client's profile.
2. Select the option to send a **Verification of funds** check.
3. Wait for the client to receive the request and upload their bank statements, descriptions, and supporting documents.
4. Once completed, review the verification of funds documentation.
5. Utilise the proprietary AI feature to read through the summarized report of the findings, which scrapes through the bank statements to save time.
6. If desired, manually review the granular bank statements provided by the client.

## Common Questions

**What does the client need to provide for the Verification of Funds check?**
The client needs to upload bank statements, a description of the source of funds, and any additional supporting documents.

**How does the AI feature help with the review process?**
The proprietary AI scrapes through the uploaded bank statements and produces a summarised report of the findings, significantly reducing the manual review time.

## Troubleshooting Tips

If the AI summary is insufficient, you always have the option to manually open and review the granular bank statements uploaded by the client to ensure full compliance.

Performing a Verification of Funds Check

 Configuring Verification and Compliance Checks for individuals

Sending Onboarding Requests and Accessing the AML Summary for individuals

Completing the individual Risk Assessment and Finalising Onboarding

How to Onboard an Individual

How to Escalate a Client to a Compliance Officer

Enhanced Due Diligence and Escalations

How to Finalise Trust Onboardings

How to Complete the AML Risk Assessment for Trusts

How to Onboard a Trust

How to Complete the AML Risk Assessment for Companies

How to Finalise Company Onboardings

How to Onboard a Company

Conducting an Initial Risk Review for Escalations

Resolving or Investigating Escalations Further

Reviewing Escalations as a Compliance Officer

AML Customer Due Diligence

Editing staff details to resolve Staff Onboarding validation errors

Duplicate Users - Practice Management Software Integration

Old Users Appearing in Staff Onboarding

Troubleshooting

How to add your AUSTRAC enrolment number

Setting up the AML/CTF Compliance Centre

Navigating the Transactions tab

Governing Body access in the Compliance Centre

Senior Manager or Client-Facing staff access in the Compliance Centre

Understanding the Transactions list

User roles and Viewing permissions

Navigating the Compliance Centre

Uploading your own Firm risk assessment

Completing the Firm Risk Assessment

Uploading an external Policy document

Generate a Policy and Process document

Managing policy and process documents

Policy and Process overview

Due Diligence requirements for Compliance Officers

Performing the Bankruptcy Register search

Performing the Criminal History check

Onboarding a Compliance Officer

Onboarding Governing Body, Senior Manager and Client-facing roles

Managing Staff Onboarding

How to Review Profile Matches from a Screening Check

Understanding Screening Check Statuses

Conducting PEPs, Sanctions, and Adverse Media Checks

Tracking completed Training Modules

How to check Training Status and access your Training Completion Certificate

How to access and complete Training modules

Managing Staff Training

AUSTRAC Reports

Viewing and filtering existing Reliance Agreements

Creating a New Reliance Agreement

Managing Reliance Agreements in the Compliance Centre

Frequently Asked Questions

Getting Started with the Compliance Centre

Guide

Help Center - Live

Performing a Verification of Funds Check

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Performing a Verification of Funds Check

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