Is this the end of manual Source of Funds reviews? How tech is transforming due diligence

The Source of Funds (SoF) process is a vital part of due diligence, but for too long, it's been a real time-sink. For years, professionals have spent countless hours manually sifting through bank statements by hand; a task that's not only tedious, but also leaves room for error. We recently ran a webinar poll that showed just how widespread this issue is: a huge 42% of attendees "always" manually review PDF or image statements, with another 41% saying they do so "most of the time”

This reliance on manual review exists because, while open banking provides rich, structured data, roughly 50% of clients are either unable or unwilling to use it. This leaves professionals stuck with a fragmented and inefficient process.

But what if you could get the same deep analysis, regardless of how your client provides their information?

Automated bank statement analysis: A game-changer for SoF

We are excited to announce that a solution is just around the corner (or live, by the time you’re reading this 👀). Our next update will include full bank statement scanning for documents uploaded as a PDF or an image.

This technology is designed to give you the exact same powerful analysis your team is used to with open banking. It means that however your clients share their statements, you'll receive a consistent report that includes:

• Identified red flags: A clear summary of any red flags we've spotted in the data, such as gifts, high cash deposits, or funds from high-risk countries.

• Automatic salary verification: We automatically find salary payments across all accounts, helping you confirm a client's income over time.

• Balance overview: A simple, visual overview of your client's account balances over the last six months, highlighting the transactions that caused the biggest fluctuations.

• Comprehensive transaction breakdown: A full breakdown of every transaction in a clear, consistent format - no matter which bank it comes from.

Complete compliance with automated and original data

While this new technology provides a powerful layer of analysis, it doesn’t take away the original evidence. For complete compliance and peace of mind, the full, original statements that your client uploads - whether a PDF or an image - will also be included in the appendix at the back of the report. This means you get the benefits of automated analysis alongside the assurance of having the source document on file.

By tackling the challenge of manually reviewing statements, this update represents a key step toward the future of a fully automated anti-money laundering process, saving you time and creating a more robust, consistent, and efficient workflow.