Source of Funds

A Source of Funds (SOF) check is a process used by financial institutions, businesses and organisations to verify the origin of the funds used in a financial transaction. It ensures that the money being used is legitimate and not linked to illegal activities.

The digital solution can provide access to bank statements to key financial evidence in a much less time-consuming fashion, enabling regulated businesses to ascertain where their customers’ funds are coming from – at pace.

By using SmartSearch’s Source of Funds solution you can keep your business safe in just 60 seconds. Our service will not only enable your clients to quickly and accurately identify any suspicious activity and prevent fraud, but also ensure they are meeting all their regulatory requirements.

As the process is so quick and efficient, it improves customer onboarding both in terms of customer experience and speed, by drastically reducing the workload and errors associated with manual checks.

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