Regulated firms continuing to rely on manual verification methods face increased risk of breaches in anti-money laundering (AML) regulations, as well as wasted business hours and heightened vulnerability to money-laundering schemes, warns Martin Cheek (pictured), the managing director of SmartSearch, a leading digital compliance provider.
The warning comes as 25% of 500 decision-makers in finance, banking, property, and legal sectors surveyed by SmartSearch admitted to using manual checks with hard-copy documents, such as passports and driving licenses, to verify new customers.
These processes often take days or even weeks to complete, and only a third of the participants expressed confidence in their ability to identify fake documents.
To address this issue, SmartSearch has launched a next-generation AML platform with a seamless interface and advanced features to make customer onboarding quicker, simpler, and more cost-effective. The platform can perform necessary checks within seconds, offering scalability for regulated firms of all sizes.
“We know that money-laundering attempts are on the rise, with almost half of regulated firms reporting an increase in attempts to launder money,” said Cheek. “Our next-generation platform allows clients to perform all of the necessary checks in a matter of seconds.
“And its scalability means that regulated firms of all sizes can take advantage of the cost savings and peace of mind which our enhanced technology delivers.”
