SmartSearch U.S. launch of advanced ID check sanctions and PEP

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Market-leading anti-fraud software solution now available in the U.S.

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As we know, the whole world has had to change and adapt since the breakout of Covid-19, and at SmartSearch we’ve developed a solution, not only to respond to the growing threat but to stay a step ahead

SmartSearch U.S. is launching a market-leading anti-fraud software solution, which provides the most robust protection against organized crime attempting to launder funds or defraud businesses and financial institutions.

The outbreak of the coronavirus has left businesses in the U.S. more vulnerable to fraud as customer onboarding processes are less secure due to remote working and Know Your Customer (KYC) compliance is put at risk.

Now SmartSearch - which has more than 4,500 customers worldwide - is launching its customer ID verification with sanctions and Politically Exposed Persons (PEP) screening solution, with award-winning features and enhancements for the U.S. market.

The money laundering and fraud prevention solution is aimed at the financial service sector, banking and property markets which are particularly exposed to the threat of organized crime. With just a name, address and date of birth, SmartSearch’s electronic identity verification uses dual-bureau credit reference agency (CRA) data and the Dow Jones Global Watchlist.

This enables a full ID check, in less than two seconds usually, with automatic sanctions and PEP screening worldwide. Advanced AI automatically triggers enhanced due diligence on any matches and resolves almost all ‘false positives.’

With more than 1,100 global Sanction and PEP watchlists changing daily, it is a major challenge to manage and track these changes. So, to meet that challenge SmartSearch provides an ongoing monitoring service to match customers against any future changes on these watchlists – which is currently not available from competitors in the U.S.

SmartSearch believes its sophisticated verification process now offers the greatest protection against money laundering for firms in the U.S. And with SmartSearch solutions available via a web browser or API connections, businesses can be up and running and operational within 24 hours.

Chad Rawlings, head of national sales at SmartSearch based in Lehi UT, said that firms need the enhanced protection to ensure compliance with current BSA and Patriot’s Act legislation. He added: “As we know, the whole world has had to change and adapt since the breakout of Covid-19, and at SmartSearch we’ve developed a solution, not only to respond to the growing threat but to stay a step ahead."

“Businesses in the sectors which are particularly vulnerable such as the property market, banking and legal, can have complete confidence in the SmartSearch ID checks and fraud protection. We’re offering ongoing monitoring as part of our sanctions and PEP screening which will be a first in the U.S. and I think will transform the market.”

About SmartSearch
SmartSearch is a leading UK provider of anti-money-laundering software. Its anti-money-laundering verification platform conducts individual and business searches, both for the UK and international markets with automatic worldwide sanction and PEP screening.

It is the only organisation in the UK with the ability to verify individuals and companies in the UK and internationally all in a single platform via a browser or API, with full Sanction, PEP and adverse media screening, and then ongoing monitoring.

Headquartered in Ilkley, West Yorkshire, SmartSearch’s very latest technology delivers an unrivalled user experience to over 4,500 client firms and 40,000 users, enabling them to comply with the latest AML regulations and fulfil their AML, Customer Due Diligence (CDD), and Know Your Customer (KYC) compliance obligations.

With no requirement for clients to provide identity documents, SmartSearch’s automated verification approach is significantly more convenient for both users and their end customers, with individual AML checks taking two seconds from start to finish, while business checks take less than three minutes.

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Jennifer Fugel
bClear Communications
+1 (845) 657-4202
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