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Enhanced source of funds checks for AML compliance

January 9, 2024 Checkboard Team
A magnifying glass inspecting a stack of Euros notes.

Enhanced source of funds checks and statements of wealth are a crucial part of the ongoing effort to create a secure and transparent financial environment. While they may seem complex, they are essential in safeguarding against money laundering, a practice which, although involving only a small percentage of transactions, plays a major role in criminal activity globally.

How big is money laundering worldwide?

Money laundering, the process of making large amounts of money generated by criminal activity appear to have come from a legitimate source, is a global problem. Estimates suggest that about 2–5% of global GDP is laundered annually. This staggering figure underscores the need for stringent measures to prevent such funds from infiltrating the legitimate financial system.

How do source of funds checks work for most people?

For approximately 95% of the population, undergoing enhanced source of funds checks and providing statements of wealth is a straightforward process. These checks are designed to verify the legitimacy of funds and wealth, ensuring that all financial activities and assets are derived from lawful sources. For most individuals, this process is simple and part of standard financial due diligence.

What about the other 5%?

The primary focus of these enhanced checks is to deter the 5% of funds at risk of being laundered. Although this percentage might seem small, the absolute value it represents is significant and poses a substantial risk to the integrity of the global financial system. By rigorously scrutinising sources of wealth, financial institutions can identify and prevent illegal activities such as money laundering.

Why is AML compliance so important?

Complying with these checks is not just about fulfilling a regulatory requirement; it’s about contributing to a larger effort to combat financial crime. Every individual and business has a role to play in this process. By providing accurate and timely information when requested, you’re helping to maintain a financial system that is safe and trustworthy.

What is our role in source of funds checks?

As part of the global community, it is our collective responsibility to ensure that our financial system is not misused. Enhanced source of funds checks and statements of wealth are crucial tools in this endeavour. They help to identify and prevent the flow of illicit funds, thus maintaining the integrity of our financial institutions and supporting the global fight against financial crimes.

What is the benefit of compliance?

While enhanced source of funds checks and statements of wealth might seem cumbersome, they are necessary and usually straightforward for the majority of the population. These measures are critical in detecting and deterring the minority of transactions that pose a risk of money laundering. By participating in these processes, we all contribute to a more secure and transparent financial environment, protecting our global economy from the adverse effects of illegal financial activities.

To find out more about how Checkboard can enhance your source of funds checks, get in touch with us today.

  • AML
  • source of funds

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Checkboard Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 950508. If you have a complaint that we cannot resolve, it may be eligible for consideration by the Financial Ombudsman Service (FOS). For more information, please visit the Financial OmbudsmanService website.
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Checkboard logo.

Checkboard Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 950508. If you have a complaint that we cannot resolve, it may be eligible for consideration by the Financial Ombudsman Service (FOS). For more information, please visit the Financial Ombudsman Service website.

Checkboard App
  • About
  • Contact Us
  • Help Center
  • Climate Pledge
  • Checkboard iOS App
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Partners
  • Pricing
  • CRM & CMS Integrations
  • Get Started
Client Onboarding for
  • Estate Agents
  • Residential Conveyancing
  • Automotive Brands
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Security & Compliance
Checkboard has been assessed and certified as meeting the requirements of ISO/IEC 27001:2022. This certification demonstrates our commitment to industry-leading information security practices. Certification applies to our information security management system (ISMS) and not to individual products or services. You can verify the validity of our ISO certificate by entering our certificate number 265514 via this link.

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