The RegTech experts say its digital fraud checks with data referencing and triangulation will give firms the confidence that they are compliant with the new raft of AML regulation, as well as protecting against potential fraud.

Chad Rawlings, national sales director at SmartSearch U.S., says the enhancements have been made in response to the rising threat of money laundering and financial fraud due to the ongoing coronavirus crisis.

He said: “At the start of this year some of the most significant anti-money laundering legislation was introduced in the country. At SmartSearch we’re in a position to be able to import the most cutting-edge technological solutions to comply with that legislation from SmartSearch in the UK, which is the most heavily regulated country in the world.

“We have the solution now to ensure businesses in the U.S. can be ready for the new law and it makes compliance simple.”

The SmartSearch platform makes use of various digital elements (DEs) such as mobile phone numbers, email and IP addresses, to create robust and easy-to-understand fraud risk indicators and deliver an overall risk score. A dashboard provides detailed information to support additional due diligence, enabling further investigation of high-risk events.

The SmartSearch technology then ‘triangulates’ this information, matching the DEs to the individual’s terrestrial address and enabling the CRA data, ID document and life liveness video imaging to be bound together to create a unique Composite Digital Identity (CDI).

Rawlings adds: “We’ve seen several high-profile cases including the FinCEN leaks in September last year which shone a light on the sheer scale of money laundering by criminals exploiting the global banking system.

“That’s why at SmartSearch U.S. we’ve developed and enhanced our AML solution, not only to respond to the growing threat but to stay one step ahead.
“We are now able to place the most sophisticated technology on the market in the hands of law firms, accountants and real estate agents, to make quick and simple checks that protects them against money laundering.

“By combining the three sophisticated verification processes into one powerful tool, namely ID, sanction & PEP checks, document and facial recognition and digital fraud checks, we have created the most powerful, robust and reliable all-in-one AML platform on the market.”