Overview
Source of Funds (SoF) is a Legl feature that enables your firm to collect, verify, and review evidence of where a client's funds originate. It helps firms meet their anti-money laundering (AML) obligations by gathering and analysing the financial information required before a matter can proceed.
What you can use Source of Funds for
Collect evidence of where funds originate for a specific matter or transaction
Gather client bank statements via open banking or manual PDF upload
Ask clients to complete a Source of Funds questionnaire, including funding amount and source
Review AI-generated analysis of bank statements to identify income, transactions, and risk indicators
Produce a Source of Funds PDF report for your records and audit trail
Identify funding discrepancies and review client explanations
How Source of Funds works
When you send a Source of Funds request to a client, they receive a secure link where they complete a questionnaire and provide their bank statement information. Clients can share bank data via open banking (connected directly from their bank) or by uploading a PDF bank statement manually.
Once submitted, Legl generates a Source of Funds report. Where bank statements have been provided, Legl's AI analysis automatically extracts key financial insights, including regular income, large one-off transactions, account balance trends, and higher-risk transactions. This analysis is included in the PDF report.
Clients are also shown the transaction amount they need to account for and must declare sufficient funding or provide an explanation for any shortfall. Any discrepancy between the declared amount and the transaction value is visible to the firm in the report.
Where to find Source of Funds in Legl
Source of Funds requests can be included in any Workflow to send as an Engage request.
Completed reports are accessible from the clients Engage request under the Source of Funds section.
ℹ️ Additional Guidance
For how to add Source of Funds to a workflow, see below:
Permissions and access
Source of Funds requests can be sent by any user if you have access to the relevant workflow.
Reports can be viewed by anyone with access to the relevant Engage request.
Important information
Legl does not make legal or compliance decisions. Assessing whether the evidence is sufficient for your AML obligations is your firm's responsibility.
Source of Funds is currently available for individual clients.
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