Anti-money-laundering (AML) specialist SmartSearch has launched TripleCheck, a new digital Know Your Customer (KYC) and AML solution which combines three verification methods.
Level 1 is SmartSearch’s electronic identity verification.
With just a name, address and date of birth, the system uses dual-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 combines optical character recognition (OCR) and biometric facial recognition techniques to provide a “true picture” of a customer.
It 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 of TripleCheck utilises various Digital Elements (DEs) such as mobile phone numbers, email and IP addresses, to create 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).
John Dobson (pictured), CEO of SmartSearch 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 user-friendliness 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.”