Anti-money laundering (AML) solution provider SmartSearch has entered the non-regulated market with a new product launch.
The firm recently opened offices in the United States and the Netherlands as part of its international growth plans.
In response to an increase in criminal activity in non-regulated sectors such as, online retail, recruitment, holiday lets, and alcohol & tobacco, SmartSearch has launched a new digital solution called SmartOne.
The platform allows non-regulated sectors to perform Know Your Customer (KYC) checks, ID and age verification on individuals in the UK and international markets.
John Dobson (pictured), CEO of SmartSearch, said it was a natural step for the business to move into the non-regulated sectors given the success of the electronic verification platform across legal, accounting, financial services and property sectors over the past decade.
He added: “Businesses across the UK are now looking forward to getting back to a pre-pandemic normality, but it’s also possible when they re-open their doors to customers, they could be opening their doors to fraud and organised crime.
“Money laundering and financial fraud has been on the rise since the first lockdown and it’s not just restricted to house purchases and other big-ticket items. Criminals are using the latest technology to create forged documents and false identities to commit financial crime across a number of different sectors.”
According to SmartSearch, as organised crime gangs are not limiting their activity to traditionally appealing sectors for money laundering, such as property, businesses across UK industry need to be alert to the dangers of ID fraud.
The SmartOne solution, which is only available to non-regulated businesses, can be integrated with existing systems and used to verify a customer’s age, detect fraud and mitigate risk to the customer.
Dobson said: “Online electronic verification is the most robust and reliable way to conduct your KYC checks, mitigating the risk of fraud to your business. As the rate of fraud continues to increase, electronic checks are the only way to effectively protect your business. Our solution is updated in line with laws and regulations, ensuring your business always meets its legal requirements.”
