Anti-money laundering firm launches fully integrated app

An anti-money laundering (AML) firm has launched a fully integrated app to allow AML checks to be carried out remotely.

Whilst SmartSearch’s AML verification platform is currently used by more than 3,000 businesses globally, the new app will enable registered users to have access to the same system on their iPhone, Android or tablets at no additional cost.

SmartAML is able to electronically verify all documents remotely, with the same capabilities as the full verification platform. This means users can carry out instant AML checks flexibly, such as when they are in a client’s home or office, and then receive the results to their handheld device.

According to SmartSearch, the app reads the name, full address and date of birth from the driving license, whilst the user simply has to add their title and press send. SmartAML then validates the information against the credit reference databases and automatically screens the person against worldwide sanction and PEP watch-lists which contain around 2.5 million data subjects.

The firm also states that the results are then delivered back to the user with a green tick or a red cross. The search outcome details are then automatically uploaded into the full SmartSearch system on occasions where enhanced due diligence needs to be performed.

The new client’s customer record will then be monitored either daily, weekly or monthly – dependent on the client’s risk policies – for any changes to sanction and PEP watch-lists.

If the individual that the user wants to check has no driving license, they can input their name and address into their mobile device for the same checks to be carried out.

Martin Cheek, Managing Director at SmartSearch said: “With the ever-increasing presence and risk of forged identity documents the introduction of electronic verification has brought with it confidence and certainty to AML compliance.

“We have been offering clients our award-winning automated system for seven years now, and are really pleased to be able to take our technology to the next level with SmartAML.

“By enabling our clients to perform exactly the same comprehensive checks on their customers whether they are in the office or out in the marketplace, we have given them much more freedom and flexibility, so they can concentrate on spending more time serving their clients rather than being caught up in compliance red tape.”

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