TECHNOLOGY IN YOUR BUSINESS
How does SmartSearch work ?
Identification , verification and automatic screening SmartSearch ’ s trusted partners include Experian and Equifax – the two largest credit reference bureaus in the world – and the Dow Jones Global Watchlist , which has access to more than 1,100 PEPs and sanctions lists and is updated daily . Using the data provided by the customer and cross-referencing with these global data partners , SmartSearch is able to identify , verify and screen an individual or business in a matter of seconds .
Enhanced due diligence When SmartSearch finds a match , enhanced due diligence is triggered automatically and begins running extensive checks , including building up a comprehensive adverse media profile , on any special interest persons ( SIPs ) with links to financial crimes , anyone named on sanctions lists , as well as any PEPs or relatives and close associates ( RCAs ) of PEPs . Anyone identified as any of the above are seen as higher risk , because either they already have known links to financial crime , or because they are more vulnerable to bribery and corruption . This information is then passed on , so you are able to assess the risk to your business .
Automatic record-keeping and ongoing monitoring Doing a SmartSearch rather than a standard AML check ensures your record-keeping will always be up to date . When you run a SmartSearch , the check is automatically saved into the system to ensure watertight record-keeping . The entire system is monitored every night meaning that any changes to any customers ’ status or public position will be identified , and you will be alerted if this affects the potential risk to the business .
How does SmartSearch ’ s facial recognition technology work ? By combining SmartSearch ’ s optimal image capture experience and leading document authentication technology with the latest biometric verification techniques , the ID document presented is assessed to confirm it is both genuine and unaltered , and a facial comparison with the ID presented is conducted . The resulting outcome is a full report with a percentage score evaluating whether the image is ‘ the real person ’. This process works seamlessly on mobile devices , without the need for your client to download an app to capture the required information . Email notifications will ensure you receive the result as soon as it is available .
What are the advantages of using facial recognition technology ? As one of the most robust and reliable identification and verification solutions on the market , it negates the need for face-to-face checks where remote KYC and ID checks are the way forward , delivering further efficiencies for your firm . Advanced facial recognition techniques built into the SmartSearch system mean it has the capacity to use customer selfie videos to compare the real person with their photo ID for an added layer of security when running remote checks is the only option .
Many countries ’ own domestic AML regulations are now calling for electronic checks to be used whenever possible – with the most recent European Money Laundering Directive mandating that this should be the case . With so many businesses struggling to run checks during the pandemic , the need for electronic solutions has never been more urgent , making it likely that electronic verification will not only be the preferred option , but that it will be made compulsory to ensure businesses are doing everything in their power to fight the ever-growing global threat of money laundering .
Why complete a SmartSearch ? It is widely agreed that electronic verification is the most reliable and robust way of completing AML checks . This is because , as mentioned earlier , manual checks are inefficient , expensive , open to error and vulnerable to fraud . And , while there are other electronic solutions on the market that perform identification and verification checks , screen for sanctions and PEPs , and monitor customer databases , there is only one check that does all these things in one easy step , and that is SmartSearch . Not only that , but because the Smart- Search platform is constantly being updated and developed , with new features added regularly to ensure it meets with AML regulations , any client that uses Smart- Search for its AML compliance will never have to upgrade .
Ready for your first SmartSearch ? All SimplyBiz Members and Clients have access to our exclusive SmartSearch rate of £ 1.99 + VAT per search .
If you ’ re ready to sign up , simply scan the QR code now to register in a matter of seconds . Alternatively , you can find more information on the Member and Client website under ‘ Your Business ’.
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