Overview
Open Banking is used by Legl to securely link to your bank and verify your Source of Funds. It allows law firms to access the required financial information without you needing to download or email bank statements.
What is Open Banking?
Open Banking is a secure way to share your financial data with trusted, regulated providers.
It allows you to provide law firms with the financial information they need to verify your Source of Funds quickly and safely, without sharing sensitive documents over email or manually downloading statements.
Why does my law firm need to check my Source of Funds?
Law firms are legally required to carry out Source of Funds (SOF) checks to comply with anti-money laundering (AML) regulations.
These checks help ensure that transactions are legitimate and reduce the risk of financial crime. Using Open Banking allows this information to be shared securely and efficiently.
How Open Banking works with Legl
When your law firm requests a Source of Funds check through Legl, you may be given the option to share your bank account information using Open Banking.
At a high level, the process works as follows:
You receive a secure link from your law firm directing you to your request in Legl
You select your bank from a list of FCA-regulated providers
You are redirected to your bank’s official platform to authenticate securely
Your law firm can view only the transaction data needed to verify your Source of Funds
Once complete, your law firm can review and approve the information, helping move your matter forward more quickly
Is Open Banking safe to use?
Yes. Open Banking includes multiple layers of security designed to protect your information:
Regulated and secure – Open Banking providers used by Legl are FCA-authorised
Read-only access – Your law firm cannot control your account or make payments
Encrypted and protected – Your banking details are not stored or shared with third parties
Consent-based – You can revoke access at any time
Benefits of using Open Banking for Source of Funds checks
Using Open Banking can help you:
✅ Complete verification faster without manually gathering statements
✅ Avoid the risks of sharing financial documents by email
✅ Maintain privacy, as only selected accounts are shared
✅ Reduce delays and progress your legal matter more smoothly
What if I do not want to use Open Banking?
Open Banking is optional.
If you prefer, you can upload bank statements manually through Legl’s secure platform instead.
If you have questions about which option to use, contact your law firm directly.
Where to find this in Legl
You access Open Banking through your Source of Funds request when your law firm sends you a secure link to complete the check.