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SmartSearch Enhances AML Compliance with Rapid Source of Funds Checks

Money LaunderingSmartSearch Enhances AML Compliance with Rapid Source of Funds Checks

SmartSearch, a UK-based digital compliance provider, has improved its platform to assist companies in rapidly identifying potentially illicit money and enhancing their anti-money laundering (AML) compliance efforts.

Regulated firms are advised to verify the source of funds during client financial transactions as part of a risk-based approach. Criminals involved in money laundering and those trying to evade sanction restrictions often exploit this process to conceal their illicit gains.

SmartSearch’s platform upgrade includes its Source of Funds solution, which allows companies to complete checks in just one minute.

SmartSearch utilizes open banking technology through partnerships to enable users to conduct various checks, including source of funds, proof of funds, source of wealth, and source of income checks, either as part of a broader search or as a standalone check. The process requires minimal client input and is completed within 60 seconds, with the ability to review bank transactions remaining active for 90 days.

This platform enhancement aligns with SmartSearch’s mission to provide regulated firms with effective AML compliance solutions. It aims to simplify the compliance process and help firms better combat financial crime.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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