SmartSearch, an anti-money laundering (AML) specialist, has released a high-risk country report service in response to the introduction of sanctions against Russia. The service enables regulated businesses to scan existing clients and check for residency or citizenship in Russia, Belarus, or any other high-risk countries.
The reporting tool instantly checks all clients that the regulated business has previously run searches on, and returns matches for those that have a connection to the specified country.
The aim is to support those companies looking to quickly and efficiently evaluate their existing client bases following sanctions placed on a number of Russian individuals and businesses.
The search also provides a list of all UK business searches on companies where a corporate structure is returned and an entity within the structure is operated in a high-risk country.
“Potential reputational and financial damage for those working with clients connected to Russia or Belarus, mean regulated businesses have been reviewing their existing clients,” says Martin Cheek, managing director of SmartSearch. “This new service will give businesses peace of mind that they aren’t working with anyone they shouldn’t be.”
Headquartered in Ilkley, West Yorkshire, SmartSearch’s AML verification platform conducts individual and business searches, both for the UK and international markets, with automatic worldwide sanction and politically exposed persons (PEPs) screening. Th platform can be accessed using a browser or API and offers full sanction, PEP and adverse media screening, as well as ongoing monitoring.
