About a-team Marketing Services

A-Team Insight Blogs

SmartSearch Works Towards Client Integration

Subscribe to our newsletter

UK-based AML platform SmartSearch, which claims to be the only organisation in the UK with the ability to verify individuals and companies on a single platform via a browser or AP with full Sanction, PEP and adverse media screening, is working towards an integration-based model rather than use as a standalone system – and today announced a milestone of 100 integrated clients for its customer relationship management system.

The firm, which helps customers to meet their AML, Customer Due Diligence and Know Your Customer compliance obligations through its SmartSearch platform, already has over 3,500 clients on a standalone basis, but sees the future of AML software as integrated with existing CRM systems.

“With the 5th money laundering directive stipulating for electronic AML checks, more and more regulated businesses are looking to start using electronic AML platforms, so I expect to see demand for SmartSearch – and particularly the integrated version – to increase significantly as a result,” says Technical Director Fraser Mitchell.

Integration makes the process faster by allowing users to create their own workflows and run searches automatically. On a standalone basis, a user will have their own CRM where they store their client information. To do a search on a client, they log onto the SmartSearch platform, key in the client information, download the AML Certificate and upload that back onto their own system. On an integrated basis, however, they are able to automatically run a search and attach the AML Certificate to the specific client record, which the firm claims is unique to SmartSearch. Users can also retrieve management information, create fresh copies of AML Certificates and turn ongoing monitoring on and off.

““By integrating, users can customise the technology to fit their own requirements, adapting it and changing it as they need to,” explains Mitchell. “For example, if a customer performs a SmartSearch on a client and it refers, they can send the result one way, but if it triggers a PEP or Sanction match, they can automatically send it on another route for Enhanced Due Diligence.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: How to automate entity data management and due diligence to ensure efficiency, accuracy and compliance

Requesting, gathering, analysing and monitoring customer, vendor and partner entity data is time consuming, and often a tedious manual process. This can slow down customer relationships and expose financial institutions to risk from inaccurate, incomplete or outdated data – but there are solutions to these problems. This webinar will consider the challenges of sourcing and...

BLOG

NICE Actimize GenAI Solutions Cut Crime Investigation and SAR Filing Time

NICE Actimize, a provider of financial crime, risk, and compliance solutions, has released generative AI solutions designed to reduce the time and manual effort traditionally required for financial crime investigations and compliance reporting. The company suggests the solutions offer up to a 50% decrease in investigation time and a 70% reduction in Suspicious Activity Reporting...

EVENT

AI in Capital Markets Summit London

The AI in Capital Markets Summit will explore current and emerging trends in AI, the potential of Generative AI and LLMs and how AI can be applied for efficiencies and business value across a number of use cases, in the front and back office of financial institutions. The agenda will explore the risks and challenges of adopting AI and the foundational technologies and data management capabilities that underpin successful deployment.

GUIDE

Regulatory Data Handbook 2023 – Eleventh Edition

Welcome to the eleventh edition of A-Team Group’s Regulatory Data Handbook, a popular publication that covers new regulations in capital markets, tracks regulatory change, and provides advice on the data, data management and implementation requirements of more than 30 regulations across UK, European, US and Asia-Pacific capital markets. This edition of the handbook includes new...