Overview:
SmartSearch is one of the flourishing companies in the U.K in the tech sector. SmartSearch's distinctive online platform allows its users to identify and recognize the UK and international clients and businesses. They safeguard individuals and businesses from money laundering and fraud through their anti-money laundering system. The AML system prevents violators from getting involved in money swindling or cybercrime. The triple-check system uses practical Anti-fraud techniques by verifying facial recognition and KYC (Know your customer). In the early 2000s, SmartSearch was responsible for creating electronic anti-money laundering services. They can detect whether the person is a sanctioned or Politically exposed person (PEP) because it is illegal and risky to work with them. PEP needs to go through RCA (Relatives and close associates) screening as they may be indulged in bribery and corruption due to their position. The PEP list is publicly available but the best way to monitor PEPs is through the AML platform.
Introduction:
SafeSearch has won several awards in technology. They stand out as they provide research in-depth and are easy to understand. Their AML system also checks for cryptocurrencies whether they are legal or illegal. Cryptocurrency is a vulnerable currency in terms of crimes and money laundering. In cryptocurrency, there is a high chance of fraud in business transactions. Around $6.4bn was gained through malpractice in cryptocurrency in 2021. With its growing demand cryptocurrency was getting popular and as a result, fraudsters started taking advantage of it. Then our AML software comes into play where it checks every single detail in depth with accuracy. AML works in every finance-related sector and it is monitored by accountants and solicitors. SmartSearch can help you with AML regulations whether it is a small business or a big firm. Once AML research is run, a report is made within seconds and can be downloaded. Every single user has access to the same system so they are always up to date in terms of rules and regulations. They keep updating AML to avoid any misconceptions. SmartSearch makes their business streamlined and speeds up the workflow. Get notification when something looks suspicious or when the client is found to be sanctioned or PEP. SmartSearch can easily prepare internal audits as all the search and data of the customer is automatically saved and allows us instant access to customer data whenever we need it. Export all data when they want, in fractions of a second. They give the client service team the right to answer all your queries. Technologize your customer experience. They have a dual bureau with Experian and Equifax to give you instant approvals, 95% in match-and-pass, and clear 75% of failed cases accordingly. Manual checking comes with many errors but with SmartSearch there will be no errors and this will be more efficient and reliable.
Company services
SmartSearch protects the company`s valuable assets with its AML monitoring system. All suspicious activities can easily be detected with this software.
Know your customer:
Company holders can know about their customers with AML software without being intrusive. The system automatically performs Special Interest Person (SIP), Relatives and Close Associates (RCA), Sanctions, and Politically Exposed Person (PEP) screening on every single check-in AML system, ensuring that all the rules and regulations are followed. EDD which stands for Enhanced due diligence is designed to handle high-risk and large amounts of financial transactions. SmartSearch system notifies you whenever there is a change in clients’ status through its daily monitoring and MLRO (money laundering reporting officer) alerts.
Check businesses:
SmartSearch can carry out thorough AML business checks and all the mandatory screenings in less than 2 minutes. Companies House provides us with the client's information and with this information SmartSearch can improve and update the KYC of the client's business to avoid potential financial risk. SmartSearch is the sole AML platform to give Business credit reports so that we can have an overview of business credit scores which includes clients' payment history, balance sheet, and profit and loss statement.
AML for property developers:
SmartSearch plays a vital role in helping property developers to get their AML right. The UK has always been at risk in terms of fraud in property due to its low transparency and anonymous companies and trust can buy the property which makes it difficult to understand who is the real owner of the property. As a result, businesses in the property sector have a weak link in the UK. SmartSearch with its AML can help property developers with the real identity of the owner. Identifying the Ultimate Beneficial owner (UBO) through screening which includes PEPs, and RCAs just in one click is the best way to know the real identity. New biometric technology is one of the ways to figure out things that saves time and doesn`t require clients' physical appearance and with biometrics no elude can be done. SmartSearch provides everything at affordable prices.
Pros:
- SmartSearch is an easy to use platform which requires the minimum training or knowledge of AML to operate.
- Customers can talk to our team whenever they are in need. SmartSearch provides you with a how-to guide that includes all the queries and guides you step by step.
- Get immediate access to all the customers.
- SmartSearch checks for both UK and international individuals. SmartSearch is the only AML advanced platform that has a Triple-check system.
Cons:
- AML's advanced features may not be easy for everyone to use. They make time to understand this whole new software.
- Every technology has its drawbacks so sometimes it may not work efficiently.
- Every upcoming automation is eating human employment.
- Completely depending on AML is not a wise idea as it may lag when you need it the most.
Conclusion:
SmartSearch is a specialist in detecting all types of money laundering whether it is game gambling, cryptocurrency, or property developer business. SmartSearch also helps in Insurance fraud. They offer high-value insurance which is illegal. SmartSearch offers integrated screening. With SmartSearch`s comprehensive verification you can avoid penalties that may be charged by regulatory bodies. Just one click and the customer will get all the information without any delay. SmartSearch can help Game firms like casinos, bingo, sports, and horse betting in money laundering as in Games there are many loopholes. SmartSearch has multiple solutions in one platform. They have 98% customer retention. Smoother services for customers. Keeps records of all the regular visitors to its website and prepares the internal audit for overview. Combining your business with SmartSearch will make your job easy and effective. They have 5500 customers from start-ups to big firms all over the world.