For accountants, legal teams and real estate professionals
Verify where the money came from. Keep the evidence without the bank-statement chase.
When a client or transaction requires source-of-funds evidence, give the client a secure way to share relevant financial data and give your team a clearer record to review.
Consent-based · Open Banking powered · Human review stays in control · Clear evidence trail
The challenge
A source-of-funds check can quickly turn into hours of manual work.
The client gives you an explanation. Then your team needs to support it. That can mean:
- Requesting bank statements
- Waiting for the right documents
- Reviewing months of transactions
- Tracing large deposits
- Querying third-party transfers
- Asking for supporting evidence
- Following up by email
- Recording what your team checked
- Keeping enough evidence for later review
For smaller professional practices, one partner or senior staff member may carry much of that work alongside their normal client load - more AML/CTF obligation without a dedicated compliance team or an established process.
VeriSource aims to make the financial verification part simpler.
Where VeriSource fits
Your professional judgment stays in control. VeriSource helps gather the evidence.
Your existing process determines when you need further customer due diligence or source-of-funds evidence. VeriSource enters at that point.
A client, transaction or designated service requires further financial evidence.
Your existing onboarding, KYC or client process establishes the person or entity involved.
Your team needs more than a declaration.
The client consents to share relevant financial data through Open Banking.
Your people assess the evidence, request anything further and follow your existing compliance process.
VeriSource supports the source-of-funds check. It does not replace the professional responsible for it.
How it works
Ask. Connect. Verify. Record.
Send a secure request when your client needs to support where particular funds came from.
The client consents to connect the relevant account through Open Banking.
Review financial data that can support or question the client’s explanation.
Keep a clearer evidence record of what your team reviewed and what needs further action.
Less document chasing for your team. A simpler request for your client.
What the evidence can help you understand
Does the financial story stack up?
Depending on the matter, your team may need to consider:
- Whether the account belongs to the client
- Whether regular income supports the explanation
- Whether savings accumulated over time
- Whether a large deposit appeared
- Whether funds came from another person or entity
- Whether money moved through several accounts
- Whether cash deposits require further explanation
- Whether the transaction history matches what the client told you
- Whether more supporting evidence may be needed
Open Banking can strongly support source-of-funds, income, liquidity and financial capacity checks. Broader source-of-wealth conclusions may still require other documents.
One problem. Different professional settings.
Accountants
An AML solution for accountants: get the evidence into the client file without turning every check into a research project.
New AML/CTF obligations now reach many accounting firms when they provide designated services. The workload can include customer due diligence, identity checks, source-of-funds work, record keeping and ongoing monitoring.
- Request the relevant evidence
- Reduce manual statement handling
- Trace the financial story
- Identify gaps that need another question
- Keep a clearer record for the client file
Your partner still makes the judgment. The file simply gives them better evidence.
Legal and conveyancing
Spend less time piecing together the financial story behind the matter.
Property, trusts, client money and other transactions can create situations where your team needs stronger evidence about the origin of funds. Instead of relying entirely on uploaded statements and email explanations, give the client a clearer way to share relevant financial information.
Your team can then focus on the exceptions, questions and decisions that need professional judgment.
Real estate
Make source-of-funds requests easier to complete and easier to review.
Where your AML/CTF process requires further financial evidence, the client can share relevant banking data through a consent-based connection.
Your team gains a clearer record without asking the customer to become an expert in finding and packaging months of banking information.
The client experience
Make a sensitive request feel straightforward.
Source-of-funds questions can feel intrusive if the client does not understand why you need the information. Give them a clear process, then let them connect the relevant account rather than hunting through statements and attachments.
Less confusion for the client. Less chasing for your team.
Explain
- Why you need the information
- What information they will share
- What the check supports
- How consent works
- What happens next
For your team
Spend your time reviewing the issue, not assembling the paperwork.
The intended workflow can help your practice:
The underlying need is not simply faster software. It is confidence that the file contains a consistent, defensible record if someone later asks what the firm did.
- Reduce manual document collection
- Cut repeated follow-up
- Review relevant transactions more consistently
- Identify information that needs clarification
- Keep evidence together
- Create a clearer review trail
- Reduce reliance on spreadsheets and email chains
Reporting
Keep the evidence in one place.
The aim: turn scattered information into a clearer review record, assembled as the work happens rather than reconstructed afterwards.
A future VeriSource report could include
- Client details
- Reason for the verification
- Consent record
- Accounts reviewed
- Relevant income and deposits
- Source-of-funds trace
- Items requiring clarification
- Supporting evidence
- Reviewer notes
- Review outcome
What VeriSource does
- Gather consented financial information
- Support source-of-funds verification
- Review relevant financial activity
- Identify gaps that require further explanation
- Reduce manual statement handling
- Maintain a clearer evidence record
What VeriSource does not do
- Replace your AML/CTF program
- Replace client identification
- Replace customer due diligence
- Guarantee compliance
- Decide whether a client presents an AML risk
- Decide whether to lodge a suspicious matter report
- Replace professional judgment
- Prove a client’s entire source of wealth from banking data alone
Your team remains responsible for the review and decision. VeriSource aims to give that team better financial evidence.
Why Open Banking
Get relevant financial data without relying entirely on uploaded statements.
With the client’s consent, Open Banking can provide access to financial information such as:
- Account details
- Balances
- Income
- Deposits
- Transfers
- Transaction history
The technology provides the data.
Your people decide what the evidence means.
First-user program
Help shape a better way to handle source-of-funds checks.
VeriSource remains in development. The first professional services users help test how the workflow should work in a practice that already carries the obligation.
The first users can help test
- Where current source-of-funds checks consume the most time
- What information reviewers actually need
- What the client should share
- What should trigger further evidence
- What the final report should contain
- How the workflow should fit with existing systems
- How much manual work the process can remove
FAQ
Frequently asked questions.
Who should use VeriSource?
The first professional services use cases focus on accountants, legal and conveyancing teams, and real estate professionals who need source-of-funds evidence as part of their existing process.
Does VeriSource replace our AML/CTF system?
No. It supports a specific part of the process: gathering and reviewing financial evidence.
Does it complete our customer due diligence for us?
No. Your team keeps responsibility for CDD and any decisions that follow.
Does it verify source of wealth?
Banking information can support parts of a source-of-wealth assessment, but other assets and circumstances may require additional evidence.
Do clients still need to provide documents?
Sometimes. Open Banking can reduce reliance on bank statements, but another source of funds - such as an inheritance, property sale or private loan - may require additional documents.
Does VeriSource make the risk decision?
No. Your team makes the decision.
Can we use it today?
Not yet. VeriSource remains in development, and the first-user program will help shape the workflow and reporting around real professional services use cases.
Get the evidence. Keep the record. Lose the bank-statement chase.
Give clients a clearer way to support where funds came from and give your team a more consistent process for reviewing the evidence.