Finance Article UK: Why Most Source of Funds Checks Fail (And How to Fix Yours)

Many UK regulated firms fail to conduct effective source of funds checks because they rely on unverified client declarations and insufficient documentation instead of critically evaluating the actual origin of transaction money. To mitigate regulatory risks and avoid heavy fines, the article suggests that firms should leverage Open Banking to access real-time, verified transaction data, which provides a more accurate and defensible audit trail than client-supplied documents.