For many years, Law Society of Scotland regulations and anti money-laundering laws have obliged us to undertake ‘source of fund’ checks for conveyancing clients. One of the final steps in the conveyancing journey is for both the mortgage companies (if using one) and clients to transfer the funds to purchase property to Wallace Quinn. We […]
For many years, Law Society of Scotland regulations and anti money-laundering laws have obliged us to undertake ‘source of fund’ checks for conveyancing clients. One of the final steps in the conveyancing journey is for both the mortgage companies (if using one) and clients to transfer the funds to purchase property to Wallace Quinn. We then make the payment on behalf of our clients to the seller.
To undertake the check we require access to clients bank statements to see where the money has originated. It might be that it has built up in a saving account over a period of time. Or it could be from the sale of possessions (including other property) or the realisation of stocks and shares. Or it could be from a whole host of other perfectly legitimate means. Regardless, we need to be sure.
Open Banking – a smart, secure digital process
In the past, this meant asking for copies of bank statements and a great deal of time for clients to assemble the information we need and for our financial team to undertake the check.
However, thanks to Financial Conduct Authority regulated ‘open banking’ standards, we are now able to undertake these checks digitally and directly with a client’s bank. We work in partnership with cyber security specialists AMIQUS on this.
How does the process work?
We contact clients directly through the Amiqus secure portal
Clients give us permission through the Amiqus portal to access relevant banking information
Amiqus contact the relevant bank after receiving permission and receive a ‘token’ to acess the relevant banking information.
This information is then accessible to the Wallace Quinn financial team through the Amiqus portal.
Our team undertake the check and complete this vital and obligatory part of the process.
The process is straightforward for everybody involved and, most importantly, cyber secure and data management compliant.
You’re in charge – you choose when and for how long you give access to your data.
We understand that giving access to personal financial information to a third party is not something to be undertaken lightly which is why we’re please to be working with FCA regulated partners and with robust cyber-security protocols.
The key thing to know is that we only ask for access to the information we need and that you choose to give us access. You can revoke access at any time. We do not have access to the username or password you use to access digital banking – we are given a ‘token’ to relevant information so you and your bank can confirm we’ve accessed your data appropriately and sensitively.
The process is straightforward for everybody involved and, most importantly, cyber secure and data management compliant.
If you’ve got any additional questions, get in touch.
