SmartSearch Delivers Comprehensive AML Compliance Solutions to UK Market
Company Overview
SmartSearch is a prominent AML compliance technology provider. It serves over 7,000 regulated businesses across the UK with its automated verification platform. The company has established itself in the regulatory technology sector. It offers comprehensive anti-money laundering solutions. These solutions have industry pass rates of up to 97% for individual verifications.
The platform’s foundation rests on partnerships with the UK’s three major credit reference agencies: Equifax, Experian, and TransUnion. These partnerships provide what the company terms triple-bureau access. This data integration enables automatic resolution of 85% of failed verification cases. It streamlines the compliance process for firms across multiple regulated sectors.
Market Coverage
SmartSearch serves legal practices, accountancy firms, and estate agencies. It also caters to financial services companies, investment banks, and insurance providers. Additionally, it serves gaming operators, cryptocurrency businesses, and property developers. This broad sector coverage reflects the universal nature of AML compliance requirements across regulated industries in the UK market.
Core Services
Core functionality encompasses both domestic UK and international AML checks through a unified interface. The system performs identity verification and know-your-business checks. It also conducts sanctions screening and politically exposed persons verification. These processes use daily-updated databases including the Dow Jones WatchList. Document verification capabilities cover passports, driving licences, and utility bills. This is achieved through automated analysis. Facial recognition technology matches customer photographs against identity documents.
The ongoing monitoring function represents a key differentiator. It automatically performs nightly checks on existing clients. These checks identify changes in sanctions status, PEP designation, or beneficial ownership structures. This continuous surveillance addresses regulatory requirements for ongoing customer due diligence without manual intervention.
Technology Platform
Transaction monitoring screens financial activities for suspicious patterns, generating alerts when potentially problematic transactions require investigation. The platform generates comprehensive audit trails documenting all verification activities, including timestamps, data sources consulted, and outcomes achieved. These records support regulatory reporting obligations and provide evidence during compliance audits.
Real-time results are available for most standard checks, with complex verifications typically completed within minutes. For high-volume users, bulk checking functionality supports simultaneous processing of large client databases. This feature is useful for both new customer onboarding and periodic reviews of existing relationships.
Integration Capabilities
Integration capabilities allow firms to embed AML checks within existing business workflows rather than operating standalone systems. SmartSearch has developed partnerships with various software providers, including property management platforms, customer relationship management systems, and back-office solutions. API connections enable seamless data flow between the compliance platform and existing business systems.
International Coverage
International coverage extends beyond UK borders. It accesses global databases and local data sources in multiple jurisdictions. This is done while maintaining compliance with regional data protection regulations. This global reach allows firms to verify individuals across different countries. Appropriate local data sources and compliance standards are used to achieve this.
Compliance and Security
SmartSearch maintains relevant industry accreditations. These include ISO 27001 for information security management. The company processes personal data in accordance with GDPR requirements. The company provides training and support services. They assist firms with AML procedure implementation. This includes guidance on risk assessment and policy development.
Support Services
Customer support encompasses technical assistance, compliance guidance, and system implementation help through phone and email channels during business hours. Online resources include user guides, compliance updates, and best practice documentation to support ongoing platform usage.
Pricing Structure
The pricing structure is flexible and meets various business needs. It offers both pay-per-check and subscription models. Costs vary depending on check types, processing volumes, and additional services required. This flexibility allows small practices and large corporations to access appropriate service levels. They can select based on their compliance needs and budget constraints.
The platform’s reporting capabilities provide detailed information on verification outcomes, including specific reasons for any failed checks. This transparency helps compliance teams make informed decisions about customer acceptance and enables proper documentation of due diligence procedures.
Overview
SmartSearch has established itself as a comprehensive AML compliance solution provider in the UK market. It offers automated verification services across multiple regulated sectors. The platform’s combination of triple-bureau data access, real-time processing, and ongoing monitoring capabilities addresses the core requirements. Its flexible integration options also meet the needs of modern AML compliance programs. SmartSearch serves over 7,000 businesses with high verification pass rates. It provides AML managers with a robust platform to meet regulatory obligations. The platform also streamlines customer onboarding processes.
