Why use Source of Funds checks?
Avoco Trust goes beyond verification to identify the source or sources of funds as well as Proof of Funds during a financial transaction.
Avoco Trust is built using orchestration with decisioning to allow you to perform SoF checks that fit your specific needs. Read more about orchestration and Source of Funds. Avoco Trust can be integrated with existing wealth management and legal platforms. Avoco Trust can also offer a hosted service. Combining AML and source-of-funds checks with identity verification, Avoco Trust helps your company meet regulatory compliance requirements with rapid checks and a straightforward user experience. No more trawling through paper documents, get a verified bank check in seconds. Add in PEP and other AML checks. Additional identity verification and extended due diligence (EDD) as needed. Source of Funds letters can be generated, digitally signed, and sent encrypted between parties. Monitor and audit for comprehensive oversight and demonstrable compliance.Verify (KYC)
Verify identities: Choose your level of due diligence using document ID checks, CRA checks, KYC app, biometric liveliness check, and F2F vouching. Orchestration connects to KYC and identity verification, handling protocols and data on your behalf.
Enhanced due diligence
Anti-money laundering checks include PEP checks and extended questions and checks.
Orchestration with decisioning allows you to easily change or update the AML and identity checks as required.Source of funds
Avoco Trust is highly configurable to reflect the unique Source of Funds scenarios your company deals with. Orchestration with decisioning is configured to adjust to your needs as they change with transaction levels and regulatory compliance needs.
Open Banking
Avoco Trust connects your platform to thousands of banks using secure open banking. We handle all the protocol work so you don’t have to.
When is a Source of Funds check needed?
Contact AvocoProperty purchase
Proof of funds may be required when making an offer on a house or during the purchase process. If a purchaser is abroad, SoF checks can become complicated. Avoco Trust provides methods, such as vouching, to help with more complex fund-source proofing.
High-value transactions
Money laundering rules require strict checks on larger transactions. Banks and other financial institutions may require Source and Proof of Funds checks for high-value transactions.
Avoco Trust uses dynamic rules to initiate the correct level of checks depending on the transaction. For example, a rule will trigger more in-depth checks for higher-value transactions.Wealth management
Wealth management companies must comply with strict compliance requirements. Clients may be from all walks of life, and financial transactions may cross many jurisdictions. Avoco Trust rules address compliance needs, adjusting to reflect the different types of clients and transactions.
Government
Government departments may require Source of Funds checks when dealing with citizens. Avoco Trust is designed to perform high assurance identity verification, F2F vouching, and SoF checks that meet government requirements.