SmartSearch for Brokers -Anti-Money Laundering Client Verification

Published: 23 November 20

 

21st October 2020

 

The people behind SmartSearch have been involved in Anti-Money Laundering client verification since 2004, dealing with regulated businesses in the legal, property, accounting, financial services and e-retailing sectors. SmartSearch is powered by Experian, Equifax & Dow Jones Data, providing SmartSearch with the breadth and depth of data for Anti-Money Laundering client verification.

 

As a result of the wide-ranging data that is processed and checked, they are confident that they are able to match and validate a much higher percentage of clients, with typical pass rates exceeding 95% subject to client demographics.

 

What does SmartSearch offer?

 

The system has been developed to comply with the latest legislation and the new 4th Anti-Money Laundering Directive. SmartSearch at this time offer the widest and most comprehensive selection of individual checks available in the market. Their fast “search & match” technology enables your business to control your AML Policy by configurable use of each data set. Automated alert notifications are uniquely generated by SmartSearch when Office of Foreign Asset Control (OFAC) Warnings are encountered such as; HM Treasury Sanctions, Special Designated Nationals (SDNs), Politically Exposed Persons (PEPs), Terrorists and Deceased. We are partnered with Dow Jones for this side of the service and host their Factiva Watchlist. All of these vital checks will trigger SmartSearch Warnings that can be sent directly to the Money Laundering Reporting Officer or their Compliance Team to ensure enhanced due diligence is performed. Our unique Ongoing Monitoring facility means that clients can be re-checked daily, weekly or monthly depending on your risk based approach, against the Sanction & PEP files, highlighting any change in one of your client’s status once the business relationship has begun, thus making keeping on top of your existing clients much more manageable. There is also the option to simply carry out a one and done search where no monitoring is included. Importantly, the service is compliant with the Money Laundering Regulations 2017.


As part of the standard package the following data is used for validation

  • Current & historic full electoral rolls
  • Consumer credit data from Experian, the leading global information services company, we are also partnered with Equifax as a backup data partner.
  • Public data, county court judgements, bankruptcies and insolvencies
  • Date of birth validation
  • Office of foreign asset control
  • Dow Jones Factiva Watchlist – This caters for the initial Sanction & PEP checks carried out during the on-boarding process, plus the monitoring options available for existing clients against Sanction & PEP lists.
  • Mortality register
  • Global fraud alliance data, known fraudsters and money launderers
  • Royal Mail redirections file
  • Directory enquiry OSIS data
  • Credit Industry Fraud Avoidance Scheme (CIFAS Members Only)
  • Driving license, national insurance and passport number validation

 

The reports that are generated are clearly laid out and have a real time help function making them easy to use and provide a simple “PASS” or “REFER” result.

 

Want to know more?

To find out more contact Danika Haresign at Danika.Haresign@smartsearch.com or call 0113 387 1708.

Click here to see Brochure 

 

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