SmartSearch aim to halt a spike in fake business finance scams

Brian West

11 December 2020 16:37 GMT

Businesses seriously exposed to fraud will benefit hugely from the launch of SmartSearch’s newly enhanced business-owner verification solution, one which CEO John Dobson confidently claims is the most comprehensive the market has ever seen.

Launched in August 2011 the unique SmartSearch anti-money laundering (AML) and identification (ID) verification platform searches over one billion data items to verify both UK and international businesses and individuals.

Dobson is delighted that the RegTech specialist he’s headed since launch has now expanded the number of countries where it can carry out a business check to 165 and is targeting regulated firms in the legal, banking and financial services sectors with the enhanced service.

Under the 5th EU Anti-Money Laundering Directive, Know Your Business (KYB) regulation requires firms to understand the ownership of any business they are entering into a commercial relationship with.

Sadly, the Covid-19 pandemic which has so blighted 2020 has also spawned a dramatic increase in the number of fake businesses being created by organised crime gangs, in order to commit fraud. With minimal ID verification required to create a business, SmartSearch says it is a wide-open back door that is being exploited by fraudsters.

The SmartSearch business verification will cross-check the details given by multiple data sources including Companies House, Experian, Equifax and Dow Jones Politically Exposed Persons (PEP) and Sanctions lists, to ensure the most accurate pass rate.

Dobson acknowledges that most regulated businesses will do their KYB checks manually, using physical ID documents such as passports and driving licences but stresses that it is much quicker and more reliable to use an electronic platform. He stresses:

“Regulated businesses in the UK not only need to be compliant with Know Your Customer (KYC) legislation but also KYB otherwise they are seriously exposed to fraud and also to financial penalties from the Financial Conduct Authority (FCA).

The expansion of our global database will cement our position as the most comprehensive anti-money laundering and ID check system on the market. We partner with the world’s best data suppliers to provide a ‘one-stop-shop’ for anti-money laundering checks which means SmartSearch has the most robust verification for KYB on the market.”

Having seen SmartSearch honoured with the Queen’s Award for Enterprise and Innovation in 2018 Dobson is justifiably proud of the service levels they offer stating:

“It makes sense to do a SmartSearch as you can validate the identity of a business and its directors in less than three minutes. That means it takes about the same time to do a SmartSearch as it does to make a cup of tea, and it will not only protect your business from fraud, but also ensure you are compliant with current regulations.

With SmartSearch solutions available via a web browser or API connections, businesses can be up and running and operational within 24 hours.”

SmartSearch is already the only AML platform that is able to verify individuals and corporate clients wherever they are based with full Sanction and PEP screening and ongoing monitoring.

No other provider offers this level of depth and breadth of functionality making SmartSearch unique in the marketplace and the essential “one-stop-shop” for all Know Your Customer (KYC) and Customer Due Diligence (CDD) needs.

Talk to our bridging finance experts.
Call us on 0207 043 5271

Contact us

This website uses cookies to ensure you get the best experience on our website. View our cookie policy.Dismiss