What is Open Banking?
Open Banking is a secure way to share your financial data with trusted, regulated providers. It enables you to provide law firms with the necessary financial information to verify the source of your funds quickly and safely—without the hassle of downloading statements or sharing sensitive documents over email.
Why does my Law Firm need to check my Source of Funds?
Law firms are legally required to conduct Source of Funds (SOF) checks to comply with anti-money laundering (AML) regulations. This process helps ensure that all transactions are legitimate and prevents financial crime.
With Legl’s secure Open Banking solution, you can easily and safely share your financial data, reducing the time and effort required to complete these checks.
How does Open Banking work with Legl’s Source of Funds check?
When your law firm requests a Source of Funds check through Legl, you’ll be given the option to share your bank account information via Open Banking. Here’s how:
Receive a Secure Link – You’ll get a link from your law firm via email, directing you to your unique request on the Legl platform.
Select your Bank – Choose your bank from the list of FCA-regulated providers.
Authenticate Securely – You’ll be redirected to your bank’s official platform to log in and confirm access.
Share relevant data – Open Banking allows the law firm to securely view only the necessary transaction data in the chosen accounts to verify your source of funds.
Complete your check – Once completed, your firm can quickly review and approve your source of funds, speeding up your legal process.
Is Open Banking safe to use?
Yes! Open Banking is built with multiple layers of security to ensure your data is protected:
Regulated and secure – Open Banking providers, including Legl’s SOF solution, are FCA-authorised and meet strict financial security standards.
Read-Only Access – Your law firm cannot control your account or make payments - Open Banking only allows for secure data sharing.
Encrypted and Protected – Your banking details are never stored or shared with third parties.
Consent-Based – You are always in control and can revoke access at any time.
Benefits of using Open Banking for SOF checks
✅ Faster verification – No need to manually gather bank statements.
✅ More secure than email – Avoid the risks of sharing financial documents via email.
✅ More privacy – A full statement for the last 12 months is taken, but only for the selected accounts you choose to share.
✅ Smoother legal process – Reduce delays and move forward with your matter faster.
What if I don’t want to use Open Banking?
Open Banking is completely optional. If you prefer, you can still upload bank statements manually through Legl’s secure platform.
If you have any questions, please contact your law firm or visit Legl Help Centre for more information.