SOFCHECK
Source of Funds & Wealth Verification
SOFCHECK is a tool designed to address the critical need for robust Anti-Money Laundering (AML) compliance in today's financial landscape.
It specializes in conducting comprehensive Source of Funds (SOF) and Source of Wealth (SOW) checks, empowering businesses and financial institutions to strengthen their due diligence processes effectively.
“In today's world of complex transactions, use SOFCHECK to ensure clarity, compliance, and confidence in verifying sources of funds.”
Powerful Capabilities
KEY FEATURES
Comprehensive tools for source of funds and wealth verification
Source of Funds Verification
SOFCHECK delves into the origins of funds to ensure their legitimacy. By scrutinizing transaction histories and financial documentation, the software provides a clear understanding of the funds' trail and confirms that they come from lawful sources.
Source of Wealth Examination
With a focus on transparency, SOFCHECK investigates the source of a customer's wealth. By analyzing assets, income streams, and business ownership, the software validates that the customer's wealth aligns with legitimate and verifiable sources.
Advanced Data Analytics
SOFCHECK harnesses the power of cutting-edge data analytics and AI algorithms to efficiently process vast amounts of financial data. This enables faster and more accurate identification of potential risks and inconsistencies.
Customizable Risk Thresholds
Tailor SOFCHECK to your organization's risk appetite. The software allows for flexible risk threshold settings, enabling businesses to adapt the level of scrutiny according to their specific risk assessment policies.
Regulatory Compliance
Stay ahead of stringent AML regulations with SOFCHECK. The software is continually updated to align with global compliance standards, ensuring that businesses remain compliant with evolving regulatory requirements.
Comprehensive Reporting
Generate detailed reports that highlight the results of the SOF and SOW checks. These reports facilitate informed decision-making, provide an audit trail, and demonstrate your organization's commitment to compliance.
AUTOMATED SOURCE-OF-FUNDS CHECKING
Alongside SOFCHECK's assisted SoF/SoW workflow — where your team reviews transaction histories and financial documentation with the software's guidance — an automated Source-of-Funds checking system is on the way. It runs SoF checks end-to-end, analysing documentation and transaction data and surfacing a risk outcome without manual review of every case.
Assisted SoF / SoW Checks
AvailableThe full assisted workflow you use today — guided verification of source of funds and source of wealth with analytics and reporting.
Automated SoF Checking
Coming soonHands-off, end-to-end source-of-funds checks that process documentation and transaction data automatically and flag results for review.
On the SOFCHECK roadmap. Talk to us about early access to automated checking.
Why Choose Us
WHY SOFCHECK?
Enhanced Due Diligence
Strengthen your due diligence processes with comprehensive SOF and SOW checks that go beyond basic verification.
Risk Mitigation
Identify potential risks and inconsistencies early with advanced analytics, protecting your organization from financial crimes.
Time Efficiency
Process vast amounts of financial data quickly and accurately with AI-powered algorithms, saving valuable time and resources.
Audit Trail
Maintain comprehensive documentation and reporting that demonstrates your commitment to compliance during audits and reviews.
Questions & Answers
FREQUENTLY ASKED QUESTIONS
What does SofCheck do?
SofCheck performs Source of Funds (SOF) and Source of Wealth (SOW) checks to strengthen AML due diligence, with an assisted workflow today and automated SoF checking on the roadmap.
How is client financial data handled?
Financial documentation is processed within the AUDCOM platform under GDPR-aligned controls, with role-based access and configurable retention. You remain the data controller.
Does SofCheck offer an API?
You run checks through the platform today. An automated Source-of-Funds checking system is on the roadmap — talk to us about early access.
Which jurisdictions and regulators are supported?
Risk thresholds and checks are customisable to your organisation's risk appetite and the regulators relevant to your jurisdiction.
How long does onboarding take?
Most firms are set up within a few days to a couple of weeks, depending on configuration.
What is the difference between SOF and SOW?
Source of Funds examines the origin of the specific funds in a transaction; Source of Wealth examines the origin of a client's overall wealth. SofCheck covers both.
READY TO VERIFY SOURCE OF FUNDS?
Start using SOFCHECK today and strengthen your AML compliance with comprehensive SOF and SOW verification.