AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Keep three things for every transfer: the provider's receipt (date, amount sent, rate, fee, naira received, recipient), the matching debit on your UK bank statement, and something that shows why you sent it, such as a school fee letter or hospital bill. These answer a provider's source-of-funds question, a DWP review, a complaint and, for larger gifts, inheritance tax questions after 7 years. Transfer firms themselves must keep their records for at least five years.
Why a paper trail matters
Most transfers go through without anyone asking a thing. Records matter for the minority of moments when someone does ask, often months or years later, when memory is no help. The table shows who may ask and what they want to see.
| Who may ask | When | What helps |
|---|---|---|
| Your transfer provider | A large or unusual payment, a review, a limit increase | Payslips or savings statements showing where the money came from, and the purpose document |
| The DWP, if you claim Universal Credit | Savings fall or transfers abroad appear | Receipts and the reason for each larger payment |
| The Financial Ombudsman, in a complaint | A transfer went wrong | Receipts, quotes, chat transcripts, dates of calls |
| Executors and HMRC, for inheritance tax | Gifts in the 7 years before death | A log of gifts: date, amount, recipient, allowance used |
| A Nigerian bank or relative | A credit is missing or disputed | Transfer ID and the NIP session ID |
The core records for each transfer
- The provider's receipt or confirmation email. It should show the date, amount in pounds, fee, exchange rate, naira received, recipient name, bank and account number, and the transfer ID or MTCN.
- A screenshot of the quote before you approved, if the app shows one; it proves what rate and fee you were offered.
- The UK bank or card statement line showing the money leaving your account.
- The reason: a fee invoice, hospital bill, funeral programme, builder's quote or a short note of what it was for.
- Confirmation of receipt: a message from the recipient, or their statement line, for larger amounts.
How long to keep them
Regulation 40 of the Money Laundering Regulations 2017 requires a transfer firm to keep its due diligence records and enough supporting records to reconstruct a transaction for five years from when the transaction completes or the business relationship ends. Your own needs can run longer:
- Everyday support payments
- At least as long as the provider keeps its records, five years, is a sensible minimum.
- Larger gifts
- GOV.UK says gifts given less than 7 years before death may be taxed, so a gift log is worth keeping for at least 7 years, and longer is safer.
- Payments linked to property
- Keep for as long as you own the property; they may be needed when you sell or pass it on.
- Anything under dispute
- Until it is fully resolved, then the normal period.
On a complaint, the Financial Ombudsman Service asks people to keep a note of calls, emails and events, and to keep the firm's final response, which it will ask to see. You have 6 months from that response to refer the complaint, so keep it at least that long, and longer if the matter is unresolved.
A simple gift log
For inheritance tax, what matters is being able to show the pattern. A spreadsheet with these columns is enough:
- date;
- recipient and relationship;
- amount in pounds;
- purpose (support, school fees, wedding, property);
- allowance you think applies (annual exemption, small gift, wedding, normal expenditure out of income);
- where the receipt is saved.
GOV.UK says regular payments from your monthly income that you can afford after your usual living costs can be exempt with no limit. A log showing the same amount going each month from salary is the clearest evidence of that pattern. See will HMRC ask about money I send to Nigeria for the tax background.
Records that cause problems
- Receipts that name a different recipient from the person the money was for, without a note explaining why.
- Purposes in the app that do not match the document you hold; see what purpose of transfer to choose.
- Cash handed to a friend to send for you, which leaves no record in your name.
- Deleting the app, and with it the history, when you switch providers. Export or screenshot your history first.
For benefit claimants, sending money abroad on Universal Credit explains why receipts and reasons matter.
Where Pryme fits
Pryme customers can generate a regular or a verifiable receipt or statement for a payment (receipts); anyone can check that a verifiable one is genuine and unaltered, which helps when a provider, adviser or relative needs proof. A Personal Assistant can remind you to file each month's receipts, and nothing moves without your approval (assistant).
Questions people ask
How long should I keep receipts for money sent to Nigeria?
Transfer firms must keep their records for at least five years. Keep yours at least that long, and keep a log of larger gifts for at least 7 years because of the inheritance tax rules.
Is a screenshot enough as proof of a transfer?
It helps, but the provider's receipt or confirmation email and your bank statement line are stronger. Keep the screenshot of the quote as well.
What if my transfer app closes or I delete my account?
Export or screenshot your transfer history before you close it. Afterwards you may have to ask the firm for copies.
Do I need to keep records of small monthly transfers to my parents?
Yes, ideally. A regular pattern from income is what supports the normal expenditure exemption for inheritance tax, and it answers questions from a provider or the DWP.
Sources
- Money Laundering Regulations 2017, regulation 40 (legislation.gov.uk) · accessed Oct 2026
- GOV.UK: Inheritance Tax, rules on giving gifts · accessed Oct 2026
- Financial Ombudsman Service: How to complain · accessed Oct 2026
- Financial Ombudsman Service: Time limits (updated 17 Aug 2022) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.