Financial crime and ID fraud protection expert SmartSearch U.S. has launched a ground-breaking new digital solution to combat money laundering in regulated sectors such as financial services.
Available in the U.S. for the first time, TripleCheck harnesses the power of three highly sophisticated verification methods to set a new standard in online anti-fraud security.
Following the introduction of new anti-money laundering (AML) legislation in the U.S. at the start of the year, SmartSearch says its new solution will not only help businesses comply with the new law but provide ongoing monitoring against sanctions and PEPs for the first time.
Martin Cheek, vice president at SmartSearch U.S. said: “Our mission is to make AML compliance easy. While the technology behind TripleCheck is highly advanced, the interface and the outputs have been designed with the user in mind, meaning staff at any level can successfully perform a SmartSearch TripleCheck.
“By combining three sophisticated verification processes into one powerful tool, we have created the most powerful, robust and reliable all-in-one AML platform on the market. Being able to provide ongoing monitoring against sanctions and PEP in the U.S. is a real step-change in terms how AML checks are traditionally performed.”
Level 1 - Identification and Verification with sanctions and PEP screening
Level 1 is SmartSearch’s award-winning electronic identity verification.
With just a name, address and date of birth, the system uses multi-bureau credit reference agency (CRA) data and the Dow Jones Global Watchlist to perform a full AML check, with automatic sanctions and politically exposed persons (PEP) screening. Advanced AI automatically triggers enhanced due diligence on any matches and resolves almost all ‘false positives’.
Level 2 - Facial recognition, document capture and liveness appraisal
Level 2 combines optical character recognition (OCR) and the latest biometric facial recognition techniques to provide a true picture of a customer. This highly advanced technology performs an algorithmic check on photo ID documents to ensure they are authentic. Then, using a customer ‘Selfie Liveness Video’ (SLV), it uses biometric and liveness detection to compare the ‘real person’ with the document provided to ensure the image and information is genuine.
Level 3 - Digital fraud checks with data referencing and triangulation
Level 3 of TripleCheck utilises 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 TripleCheck technology then ‘triangulates’ this information, matching the DEs to the individual’s terrestrial address and enabling the CRA data, ID document and SLV imaging to be bound together to create a unique Composite Digital Identity (CDI).
Cheek adds: “The new legislation introduced in January requires a lot more information about businesses and their customers for compliance. So, the launch of TripleCheck in the U.S. will provide the solution millions of businesses will be looking for.”