Onboarding and Identity & Anti Money Laundering
As part of our commitment to providing an outstanding service, we provide a digital onboarding facility to ensure you’re able to complete all of the required tasks as quickly and efficiently as possible. InfoTrack provides a secure app based solution that allows clients to remotely sign documents and verify your identity, taking away the need for you to bring in or send in original ID documents. You can complete all onboarding steps using any browser on a phone, iPad, PC or laptop, with an app is available on both eCOS Legal on the App Store and eCOS Legal – Apps on Google Play and should take you no longer than 3-4 minutes.
If you require any technical support, please do not hesitate to contact the InfoTrack Onboarding Support Team on 0207 186 9621 or ecossupport@infotrack.co.uk
You will a receive an email inviting you to download and complete your InfoTrack checks. If you have not already provided your mobile number, please let us have it so that we can send you the necessary link.
For property transactions, you will require your passport to complete the verification checks, please ensure that you have this to hand. If you do not have a passport, please contact us before you attempt the verification process.
You MUST complete the ID/AML check on your smart phone using the eCOS Legal app (eCOS Legal on the App Store or eCOS Legal – Apps on Google Play). This will enable you to use your passport for an enhanced NFC check and make it easier to upload pictures for evidence of address. Open this email on your phone and simply click on the ‘START NOW’ button above and choose the use the “Use eCOS Legal App” option to link to your phone’s app store. You can only login via this link, you cannot login directly into the app the first time it is used.
If for whatever reason you encounter any difficulty with this then we will discuss with you alternative arrangements.
Recognising our statutory obligations to carry out these identification checks we will make a charge of £25 plus VAT for each verification carried out whether by InfoTrack or on a paper basis.
If we are not satisfied as to your identity, we have the right to cancel the Contract immediately on giving written notice to you.
Verification of Funds with Open Banking
Under the Money Laundering Regulations 2017, we are obliged to establish the existence, location and history of where purchase funds originated from. This is a legal obligation on us and all conveyancers, backed by criminal sanctions. To complete this step, you will need to:
- Confirm the amount of money needed to fund this transaction.
- Tell us where the funds are coming from and, where applicable, how they’ve been accrued.
We encourage you to use the “Open Banking” option. Using this method, you will be able to log into your bank directly, making it quicker, easier and more secure to provide statements for the relevant accounts. This does not provide us with access to your online banking, nor does it permit anyone to view or use your login details. The system uses a secure and regulated process, which grants read-only access to transaction data solely for the purpose of verifying the source of funds for your transaction.
This process avoids the need for us to review the details in the statements personally and simply produces a summary report highlighting any issues that may require clarification.
Open Banking was introduced in the UK in 2018 and is regulated by the Financial Conduct Authority (FCA). InfoTrack, who provide the eCOS platform, use TrueLayer, an FCA-authorised Open Banking provider, to facilitate this connection. All data is encrypted in transit and at rest.
If you chose not to use this method and instead use the “manual” option, providing us only with copies of bank statements for each relevant account, then there will be an additional charge for an enhanced verification of funds check, as outlined in our client care letter.
Open Banking FAQ
Why do I need to verify my funds?
Your solicitor needs to know that you have a UK bank account available to you, and that, in the case of a purchase, you have a clear plan for funding the transaction.
What is the total amount I need to prove?
You need to prove the total amount related to your property transaction. This may include: property price, stamp duty, legal fees. If you require clarification, please contact your solicitor directly and they can provide guidance.
Why do I need to link my bank account(s)?
Your solicitor is obliged to verify your bank account transactions, in order to validate your finances. The most simple way to do this is via a secure Open Banking connection to your online accounts. If you do not wish to complete your Verification of Funds with Open Banking, you can upload statements manually.
Is my data secure?
Yes. Our platform is hosted on a cloud infrastructure by Amazon Web Services, Inc. who have the following accreditations: ISO/IEC 27001:2013, 27017:2015, 27018:2019, 27701:2019, 9001:2015, and CSA STAR CCM v3.0.1. Data is encrypted at rest and encrypted in transit. We have one of the highest information security system standards.
InfoTrack holds ISO/IEC27001:2022 certification itself.
Is InfoTrack registered with the Information Commissioner’s Office (ICO)?
Yes, we are registered with the ICO under reference: ZA141680.
What is Open Banking?
Since 2018, Open Banking rules have meant the UK’s largest banks have to let you share your financial data with authorised providers, granting them read-only access to things like your spending transactions and regular payments.
With Open Banking, there’s no need to fill out lengthy forms to give the third-party app or website the data it needs, it can access it all directly – provided you’ve given your permission via your bank’s mobile or online banking.
How does open banking work?
A provider (in this case Truelayer via InfoTrack) will ask for consent to access your information when you sign up to it. It’ll then send a request to the chosen bank, which will process it and share your details. Technically, banks share their information securely via technology called application programming interfaces (API’s). API’s simply allow two providers to ‘talk’ to each other and pass the information you have given permission to share such as bank balance and regular payments.
This kind of technology is already widely used by the likes of Facebook, Google Maps and Uber. For example, Uber might use Google Maps’ API so it can work out where you and your driver are.
Is open banking safe?
With all this data being accessed and so many payments being made, it’s important to ask whether Open Banking is safe. As long as they’re authorised, providers will only be able to access data needed for the service you’ve signed up to – so if you’ve asked one to look at your current account with one bank, it wouldn’t also be able to look at a credit card you hold with that bank unless you give your express permission.
Plus, all providers must comply with data protection rules, including GDPR. The provider should tell you exactly which data it will use, how long for and what it’ll do with it before your sign up. If you’re unsure about anything, make sure you ask before you grant access, and if something feels wrong, don’t share your data.
My bank isn’t listed. What should I do?
If your bank isn’t listed, this may be because your bank does not adhere to the Open Banking (OB) specification. You can also submit these manually by choosing the option, ‘I do not want to link any online bank accounts, I will upload my statements manually.’
I have connected to my bank, but my account isn’t showing?
There are some banks which is supported by Open Banking however, not all accounts are. If your account is not listed once linking your chosen bank, please upload statements manually.
I have an international account, how do I link it via Open Banking?
The Verification of Funds is for UK bank accounts only. We do not currently support international bank accounts. Please contact your solicitor to request an alternative method to provide the required information.
Can I use a joint account to verify my funds?
Yes, depending on your bank. You may need to check the permissions in your banking app settings and give consent to sharing your statements. You will then need to ensure you have mobile banking set up for both parties. If you need assistance with mobile banking, please contact your bank directly and they will be able to assist with setting this up.
I need access to more than one bank for the verification of funds process. Is this possible?
Yes, you can submit statements from multiple banks. Once you had chosen the accounts to retrieve statements from, there will be an option to ‘add online bank accounts’, allowing you to upload from the same or an alternative bank account.
Where can I add more Funding information?
You can add further details of the funds that are supporting your transaction under the “Funding Plan” section by pressing “+Add Funding”.
What types of bank account are accepted (including ISA?)
Personal, business, current and savings accounts can be used for the verification of funds. Open banking is not available on ISA accounts.
My total amount to prove comes from premium bonds. How do I provide evidence for this account?
You will need to login to your premium bond accounts and download your bond record. You may include this in the ‘amount coming from’ in your source of funds section and input the amount in ‘other source’.
I’ve submitted incorrect information, what do I do?
If you have completed and submitted all tasks within your verification of funds steps, you will need to contact your solicitor or the eCOS Support Team on 0207 186 9621 or via Live Chat who will be able to provide further assistance.
I don’t have the required documents, how do I proceed?
All information is autosaved. If you do not have the required documents to hand, we recommend either selecting the option that states “I will do this later”, or contacting your solicitors directly to confirm how they would like you to proceed.
I can’t see the ‘to follow’ option, what should I do?
If you do not have the ‘to follow’ function, you will be required to upload any documents before submitting. Until the form has been submitted, your solicitor will not be able to view the information inputted.
What is a one-off receipt?
A one-off receipt is when you receive £1,000.00 or more from specific sources. These include the Sales of Shares; Inheritance; Dividends; Gambling Winnings; Divorce Settlement; Asset Sale or Compensation.