eCOS | Verification of Funds (VOF)

Use as a stand-alone solution, or as part of a complete onboarding journey

VOF is a user-friendly and mobile-optimized digital solution that retrieves real-time data from your client’s bank accounts to authenticate the origin of funds. It enables your clients to conveniently access their bank accounts through their secure eCOS client onboarding solution, eliminating the need for email or uploaded PDFs. Instead, the captured data is sent directly back to your case, making the process more secure and less vulnerable to potential fraud. VOF is fully encrypted and has access to the most extensive bank and neobank networks in Europe.

With Verification of Funds (VOF), a component of Search Acumen’s eCOS onboarding solution, you can effortlessly verify and analyse your clients’ Source of Funds and Source of Wealth.

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The Features

Powered by cutting edge Open Banking technology, our solution provides comprehensive financial analysis of clients’ and giftors’ Source of Funds and Wealth, offering clarity on crucial aspects through:

Thorough Analysis: VOF goes beyond simple verification by providing in-depth financial analysis, allowing you to gain a comprehensive understanding of your client’s financial background.
Source of Funds: VOF enables you to verify and ascertain the origin of your client’s funds, ensuring transparency and compliance with regulatory obligations.
Source of Wealth: Our solution also assists in evaluating the legitimacy of your client’s accumulated wealth, offering valuable insights into their financial position. By leveraging VOF within the eCOS onboarding solution, legal practitioners can effectively meet regulatory demands, enhance due diligence, and facilitate a streamlined and transparent client engagement process.

The Benefits

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.

Functionality

The Highlights

Source of Funds Smart Forms
Proof of Funds uploads
Source of Wealth Smart Forms
Secure Open Banking access
Manual statement uploads
Bank account analysis
Consolidated easy to review financial summaries
Results filed in your CMS*

*A full list of CMS integrations can be found on our integrations page

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One-click ordering for Client Due Diligence

eCOS VOI and AML check

eCOS AML Checks enable one-click ordering for Client Due Diligence; By integrating with our eCOS Verification of Identity we can collect the inputs for the AML Check directly from a scan of your customer’s ID Document.

eCOS AML Checks are verified against the following datasets:

1

Verified ID Document (Customer Passport, Driving License etc.)

2

Politically Exposed Person (PEP) Dataset

3

Current Sanctions Dataset

4

Credit Database & Address Register

5

Full Electoral Roll

6

Cifas (UK Fraud Prevention Service)

7

County Court Judgements (CCJ)

8

Bankruptcy Records (If revealed as a CCJ)

9

UK Edited Electoral Roll

10

UK National Change of Address (NCOA)

11

UK Mortality Register

12

BT Landline Dataset

Each check is valid for 12 months

Each check includes 12 months of ongoing monitoring where you will receive an updated report for the following changes:

A new PEP is revealed
A new Sanction is revealed
A PEP is removed
A Sanction is removed
An existing PEP is amended (e.g. a new position is added)
The Document used in the ID Check expires
The eCOS AML Check expires

Our report combines the results of the eCOS Verification of Identity (VOI) with the results of the AML Check. You will receive one report as soon as the VOI is completed, and an additional report combined with the results of the AML Check.

Our AML Check has two possible results:

Compliant or Non-Compliant (the outcome of the results will be explained further in the report)

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