AML specialist SmartSearch to enter non-regulated market

SmartSearch has confirmed it is entering the non-regulated market with a new product launch.

The anti-money laundering (AML) solution provider has launched a new digital solution, SmartOne, in response to an increase in criminal activity in non-regulated sectors such as, online retail, recruitment, holiday lets, as well as alcohol and tobacco.

SmartOne, the one-stop-shop platform, will ensure that non-regulated sectors can quickly perform Know Your Customer (KYC) checks, ID and age verification on individuals in the UK and international markets. The solution can be integrated with existing systems and used to verify a customer’s age, detect fraud and mitigate risk to the customer.

According to SmartSearch, as organised crime gangs are not limiting their activity to traditionally appealing sectors for money laundering, such as property, businesses across UK industry need to be alert to the dangers of ID fraud.

CEO, John Dobson, commented: “Businesses across the UK are now looking forward to getting back to a pre-pandemic normality, but it’s also possible when they reopen their doors to customers, they could be opening their doors to fraud and organised crime.

“Money laundering and financial fraud has been on the rise since the first lockdown and it’s not just restricted to house purchases and other big-ticket items. Criminals are using the latest technology to create forged documents and false identities to commit financial crime across a number of different sectors.

“Online electronic verification is the most robust and reliable way to conduct your KYC checks, mitigating the risk of fraud to your business. As the rate of fraud continues to increase, electronic checks are the only way to effectively protect your business.”

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