Performing a Verification of Funds Check

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.