By incorporating this feature into your client onboarding process, you can mitigate the risk of financial fraud and ensure compliance by gaining a clear and comprehensive understanding of your client’s Source of Funds and Source of Wealth.
Here’s why eCOS Verification of Funds is beneficial:
Comprehensive Financial Picture: With eCOS Verification of Funds, you can swiftly establish a strong understanding of your client’s financial situation by examining both their Source of Funds and Source of Wealth. The detailed report generated by the system provides a breakdown of relevant financial information, including documentation for Proof of Funds
Convenience for You and Clients: Verification of Funds seamlessly integrates into eCOS, the same onboarding portal utilized for client questionnaires, ID verification, AML checks, digital TA forms, and client care letters. This unified system allows all stakeholders to complete their onboarding tasks within a single platform. Additionally, the process is made faster and easier for clients as the Smart Forms adapt to their supplied information, requesting only relevant details and matching them to the required amount of proof.
Simplified Compliance: eCOS simplifies compliance management by providing easy-to-use reports and digital records. These resources enable you to demonstrate that you have taken the necessary steps to meet your compliance obligations. The system securely stores the original data and documentation, along with a digital audit trail that details when and how the information was provided.