The Armalytix Source of Funds report establishes where the money to pay for a property transaction is coming from.
Understanding the Armalytix
Source of Funds report
On this page you will find all you need to know about our report – what each section means and how to read it.
Please watch this VIDEO, and read this PDF guide. There is also lots of information about the report on this page.
If you would like some tailored training on our reports, please contact these selected partners and tell them Armalytix sent you:
What you’ll see on the report
You will see that the report is quite thorough, and contains a lot of information. But it is clearly laid out and simple to understand. Below is an overview of the sections, which can be supported by uploaded evidence where needed. Your report may not contain all the sections.
01
Fact find & questionnaire
Questions to establish home much money is involved and where it came from.
02
Account summary
The connected, uploaded and scanned bank accounts used in the report.
03
Account analysis
A view and insights on the bank account activity across the review period.
04
Transaction summaries
Incomings and outgoings with highlighted cash and repeating transactions.
05
Income verification
Monthly income, broken down by source and linked to payslip or tagged.
06
Large item insights
Explanation and evidence of high-value transactions.
01
Fact find & questionnaire
Questions to establish home much money is involved and where it came from.
02
Account summary
The connected, uploaded and scanned bank accounts used in the report.
03
Account analysis
A view and insights on the bank account activity across the review period.
04
Transaction summaries
Incomings and outgoings with highlighted cash and repeating transactions.
05
Income verification
Monthly income, broken down by source and linked to payslip or tagged.
06
Large item insights
Explanation and evidence of high-value transactions.
What and why?
What is a source of funds report?
It is a report on the money for a property transaction and where it has come from
It uses information from banks as well as questionnaires to establish this
Why is it needed?
To meet anti-money laundering regulations that firms must follow
To make sure there is enough money to fund the property transaction
Why Armalytix?
We build applications and services that power a faster, cheaper and more efficient home moving experience for firms and individuals alike.
We provide ID, source of funds, statement scanning and bank account verification. These give complete AML and KYC coverage and can be accessed as individual services or as home mover packs, tailored to any part of the home buying process.
01
Market-leading
Trusted by firms, consultants and home movers across the property market to simplify processes, save time and get the job done.
02
Fast & effective
Intuitive journeys that deliver complete compliance for every home mover – reducing friction and accelerating completions.
03
Secure & regulated
Built to the highest industry standards with proprietary open banking connections, we are regulated as an FCA Account Information Provider.
01
Market-leading
Trusted by firms, consultants and home movers across the property market to simplify processes, save time and get the job done.
02
Fast & effective
Intuitive journeys that deliver complete compliance for every home mover – reducing friction and accelerating completions.
03
Secure & regulated
Built to the highest industry standards with proprietary open banking connections, we are regulated as an FCA Account Information Provider.
Video Guide
Understanding the Armalytix Source of Funds report
What our clients say
Testimonials
FAQs
What is source of funds?
Legal Sector Affinity Group (LSAG) defines Source of Funds as the funds that are being used to fund a specific transaction. It is a core part of client due diligence and requires firms to understand both where the money came from and how the client obtained it.
Does this report meet regulatory standards?
Yes. As the market leader, our service is built to the highest standards, and is constantly evolving to meet the increasing regulatory standards.
Are you FCA Regulated?
Yes. We are regulated by the Financial Conduct Authority as an Account Information Service Provider under the Payment Services Regulations 2017. Our Firm Registration Number is 911236.
Do you provide customer service?
We give you best-in-class customer support through every step of the journey. With multiple ways of contacting us, this service is delivered real-time by real people.
Why are source of funds checks needed?
Source of Funds checks help confirm that money being used in certain transactions is legitimately earned or acquired. They are essential for Anti-Money Laundering (AML) compliance, preventing fraud or financial crime and ensuring compliance with regulatory requirements when buying a property or making large investments.
Wouldn't a copy of a bank statement been enough?
A source of funds check is more than looking at a set of bank statements. It is not just 'where did the money for the transaction come from?' but also 'how and from where did someone get the money?'. Unfortunately, to protect against money laundering, It is not enough to just know the money came from a UK bank account.
Can I use Armalytix for my own business?
Yes. Visit our business page to find out more and click ‘Get in touch’ to discuss getting set up.