Why firms run Source of Funds checks in Legl
Complete evidence trail
Guided collection asks each client for exactly what your policy requires, for every source of funds.
Statement analysis built in
Legl reads every document submitted, so your team reviews findings, not raw statements.
Clear reviewer ownership
Clients can delegate individual sources to colleagues or external parties such as accountants or bankers.
Risk-based escalation
Real-time additional information capture for any high-risk transactions identified.
600+ law firms trust Legl with their payments and compliance
Our partnership with Legl enables us to stay ahead of AML change while delivering more efficient and intuitive experiences for our clients.
Melissa Patterson
,
Senior Partner
Source of Funds checks in Legl has been an absolute lifesaver for our solicitors. It's so much easier to digest than six months of bank statements where things can easily be missed.
Dora Bumber
,
Head of Risk & Compliance, MLRO & MLCO
Legl asks fee-earners the questions that are relevant to their client or matter (no more N/As!) and it also gives us the ability to auto-calculate risk according to our policy on the answers given.
Helen Strachan
,
Practice Director & MLRO
Due diligence on funds for every matter
AI-led evidence gathering in a single report
Automated gathering of information, documents and real-time additional information capture for any high risk transactions identified.
Less manual work trawling through statements
Legl’s agents read and sort the information across all the documentation and evidence submitted so you can focus on the key insights.
Delegation workflows
For corporate and commercial matters, your clients can opt to delegate certain sources to their colleagues or external parties like accountants or bankers for a faster, streamlined approach.
Frequently asked questions
What if my client doesn't know what information they need to provide for Source of Funds?
For individual clients, Legl provides an AI-led intuitive experience that enables the client to explain in plain natural language how they are funding their property purchase. Legl then presents the clients with the forms and information requests that reflect this explanation, giving the client the opportunity to add further information and evidence as they complete the process.
What kinds of corporate or commercial matters will Source of Funds support?
Legl can support any type of corporate or commercial source of funds check including M&A, PE, commercial property matters and more.
What counts as evidence of source of funds?
Clients can connect their bank securely through open banking, or upload statements and supporting documents directly. Legl accepts both routes so clients use whichever is easier for them. Legl carries out analysis on the information that is uploaded through either route.
How is AI used in Source of Funds to help my team?
Legl's agents review the information that is submitted by the client in real-time, and will, where appropriate, prompt the client to supply further information. For example, if there are a number of cash transactions or foreign currency movements on the client's bank statements, Legl may request more information from the client at the outset to support your analysis.
How do I gather source of wealth information from my client?
Legl's custom forms enable you to create questionnaires, request documents and share further information with your clients. You can curate a source of wealth form which can be sent to your client to collect additional information and stored in your template library
Does source of funds connect to our wider client and matter risk assessments in Legl?
Yes, the results from the source of funds checks feed directly into your Risk Assessments in Legl so there's no manual work required on your side to get a complete picture of your client.
Does Legl's source of funds work for residential and commercial property transactions?
Yes, Legl covers source of funds for residential property transactions and for corporate or commercial matters. There are nuances and differences in the journey for your clients, though the completed reports in Legl still contain the simple, easy-to-read analysis that helps you to make decisions quickly.
Can I run source of funds checks as part of the same journey as IDV and AML?
Yes, Legl's platform enables you to connect different AML processes like Source of Funds, CDD, payments and more into a single, guided journey for your client. This can be configured to the exact requirements of your firm.
What happens if there seem to be high risk transactions in the evidence provided for source of funds?
Legl flags higher risk transactions, will directly ask the client for further information during the source of funds process. The information surfaced in Legl is quick to digest so you can make fast decisions about your client.