Seamless
SoF Verification

Experience the seamless, secure, dependable Source of Funds Verification with KYCAID, leveraging advanced AML tools for instant compliance assurance.

Boost financial transparency and confidence effortlessly

Streamline verification with KYCAID's platform, saving time for you and your customers, while expertly ensuring source of funds checks for compliance and risk mitigation.

Streamlined KYC & AML Checks:
Safeguarding Against Financial Crime

  • Source of income check

    The KYCAID service identifies the exact source of transaction and verifies its legitimacy according to the underlying KYC policies and regulations that work region-wide, state-wide, nation-wide, or internationally.

  • Transaction amount check

    Maximize the transparency of transactions by checking the exact original transaction amount (without round-ups, fees, or cashback commissions).

  • Purpose of transfer check

    You may also see the specified transfer purpose as a means of making sure that the transaction came from a legitimate source that doesn’t have any malicious intentions.

  • Origin of funds explanations

    Identifying and analyzing the origin of funds allows you to trace transactions up to the original source of transferred funds, letting you literally “get to the bottom” of transactions and financial flows.

FAQ

  • How does KYCAID conduct a source of funds check?

    KYCAID employs a combination of manual verification and advanced technology to meticulously scrutinize provided documents, ensuring accuracy and compliance with regulatory standards.

  • How long does a SoF check take?

    The timeframe varies depending on the complexity of the transaction and the availability of required documents. However, KYCAID aims to streamline the process to minimize delays within the 15-minute SLA.

  • Is a SoF check mandatory for all transactions?

    While specific regulations may vary by jurisdiction and industry, conducting a source of funds check is generally recommended for high-value or suspicious transactions to mitigate risks.

  • Can KYCAID assist with the SoF checks for international transactions?

    Yes, KYCAID offers global coverage and can conduct source of funds checks for transactions involving international parties, ensuring compliance with relevant regulations.

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