SmartSearch has revealed it recorded its best ever month in September, with record revenues and profits as well as a record number of new clients.
The anti-money laundering specialist saw revenues climb by 55% to £1.34m for the month while profits increased by 200% compared to September 2019. The firm revealed that it also onboarded 90 new customers.
SmartSearch suggested its record month was due partly to the increasing threat of money laundering and financial fraud from organised crime gangs taking advantage of the coronavirus crisis.
The property market is “particularly vulnerable” to attempts at money laundering, SmartSearch stated, adding that the rush to buy homes that was sparked by the stamp duty holiday announced in July has put “huge pressures” on the system which criminals are able to exploit.
Commenting on the firm’s growth, CEO, John Dobson, said: “It comes as no surprise to us given the superior nature of our products and services, but of course it reflects the reality today, where we see on an almost daily basis how serious the problem of money laundering has become.
“Property purchases remain one of the most effective methods for criminals to launder the proceeds of their activities. So it is incumbent upon all parties operating in that process to ensure they are protected against that threat, and to comply with the regulations. The consequence of non-compliance is not only the threat of a hefty fine from the FCA, but it also legitimises criminal activity.”
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