AML specialist SmartSearch chalks up continued growth in face of coronavirus outbreak

Specialist anti-money-laundering (AML) firm SmartSearch is continuing its impressive growth, despite the outbreak of Covid-19. It now has more than 4,500 clients across the financial and professional services sectors.

Having recently been named one of the fastest-growing businesses in both the UK and Europe, the Yorkshire-based firm now employs well over 100 staff and continues to take on new clients eager to embrace the benefits of electronic ID verification and digital AML screening.

SmartSearch’s unique ‘one stop shop’ Know Your Customer (KYC) and AML platform enables clients to perform full electronic ID verification and screening remotely, with no impact from the restrictions on movement in place to combat the virus. This means they can continue to onboard new customers and conduct ‘business as usual’ without needing to examine physical documents.

The platform has also now incorporated biometric facial recognition for additional security, and there are well-advanced plans for further enhancements.

Since the restrictions were imposed, the firm has moved its entire operation to remote working, while continuing to provide outstanding customer service, and even to add new product features. In response to the coronavirus outbreak, the firm launched a Rapid Response service to help businesses move swiftly to electronic verification and avoid disruption to business continuity.

With experts and global watchdogs warning that there is an increased risk of money-laundering in the current crisis, firms need to be especially vigilant. SmartSearch provides a safe and cost-effective solution to meeting all regulatory requirements and protecting businesses from fraudulent activity.

One recent addition to SmartSearch’s client roster is the investment and retirement planning firm LMS Partners. Kathy Mitchell, director at LMS Partners, commented: “SmartSearch was quick to provide a demonstration, costings and then onward training. The functionality of the system and quality of data providers appealed to us when we were looking for an AML/CFT screening system.

“The potential use of electronic ID verification will become part of our ongoing contingency planning given current circumstances where we are conducting business without our usual face-to-face contact.”

John Dobson, CEO of SmartSearch, added: “We thrive on constant innovation. We are always looking to add new functionality to improve our clients’ experience and ensure that they are fully compliant with regulation and protected from criminal activity.

“Our new facial recognition feature is an example of this, giving clients all-important peace of mind at a time when we know criminal activity is likely to rise.

“We have always prided ourselves on our customer service – and our 98% client retention rate is evidence of this. We have continued to grow, and provide much-needed jobs, because we offer firms a KYC solution that is secure and cost-effective.

“Our platform provides the resilience businesses need to deal with the threat from Covid-19 while continuing to serve their customers.”