Leading anti-money laundering (AML) firm SmartSearch has today launched its award-winning digital AML solution to the U.S. market.
SmartSearch makes it simple for firms to onboard new customers, providing a complete Customer Information Program (CIP) solution and meeting all their AML compliance needs under the Bank Secrecy Act and the Patriot Act. With enforcement of the California Consumer Privacy Act beginning this month, the system also enables firms to be fully CCPA-compliant.
By simply entering an individual’s name, address, date-of-birth and Social Security number, SmartSearch will complete a full AML check, generating a clear ‘pass’ or ‘refer’ result in a matter of seconds. The checks include automatic worldwide Sanctions, Politically Exposed Persons, Specially Designated Nationals, Blocked Persons and OFAC checking.
Uniquely, SmartSearch also provides ongoing daily monitoring as standard, so that users automatically receive an alert if a customer’s status changes at any time. This means organizations using SmartSearch can have complete confidence that their AML checks are up-to-date and compliant at all times.
All checks can be completed remotely, with no need for face-to-face contact or for physical documents to be exchanged. The SmartSearch system can be operated as a standalone solution or integrated with a client’s existing systems. There is also a fully-integrated SmartSearch app, enabling AML checks to be performed on the go.
With AML experts and counter-terrorism watchdogs warning of an increased risk of money-laundering in the current crisis, firms need to be more vigilant than ever. SmartSearch provides a safe and cost-effective solution to meeting all regulatory requirements and protecting businesses from fraudulent activity.
John Dobson, chief executive of SmartSearch, said: “SmartSearch is here to make AML compliance easy. Our unique one-stop solution streamlines and automates the onboarding process, leaving clients free to do what they do best: run their businesses.
“Our combination of effective, easy-to-use technology, and friendly, efficient customer service has already made us a clear leader in the United Kingdom. Our 98 per cent client retention rate is evidence of the high standards we set ourselves and deliver.
“We are now bringing all those benefits to U.S. firms, with the same laser focus on making our clients’ lives easier.”