Based on our research and client feedback we think current source of Source of Funds (SoF) processes present several challenges, such as:
Not gathering the right financial information
Current SoF processes may not effectively gather all the necessary financial information required for your compliance and risk assessments. This could lead to incomplete or inaccurate assessments of the clients source of funds.
High cognitive load task
Engaging in the SoF process can be mentally taxing for fee earners but also clients due to its complexity and the amount of information required. This high cognitive load can result in user fatigue, low completion rates and potentially compromise the quality of data provided.
Insufficient or incorrect evidence
Due to the aforementioned challenges, there is a risk of obtaining insufficient or incorrect evidence regarding the clients source of funds. This can undermine the integrity of compliance measures and increase the likelihood of regulatory scrutiny.
Providing a lot of data with little context
Clients may be required to submit a large volume of financial data during the SoF process without being able to provide adequate context or provided guidance. This can lead to confusion and frustration, as clients may struggle to understand the relevance of the information they are providing.
Legl Smart Source of Funds
To address the complexities in completing a Source of Funds checks, Legl has introduced a smart layer to our Source of Funds offering, which offers the following benefits:
Simple & intuitive workflows: Using simple open ended questions to guide the client and gain a deeper understanding of their case.
Reducing back & forth with clients: Providing the facility to answer client questions on a lawyers behalf saving time and money.
Improving insights: Detailed transcripts provided to the lawyer giving greater context on a SoF case than any tool in the market.
So, what sets Smart Source of Funds apart?
How does Smart Source of Funds work?