SmartSearch, a leading digital anti-money laundering (AML) solution provider, has announced the integration of global information and insights company TransUnion into its identity-check partner ecosystem.
With the addition of TransUnion, SmartSearch now provides a triple-bureau electronic verification and digital compliance platform, utilising data from Experian, Equifax, and TransUnion to deliver the industry’s most reliable match and pass rate for regulated firms.
TransUnion’s inclusion adds over a billion consumer records from more than 30 countries to SmartSearch’s comprehensive Know Your Customer (KYC) suite, which encompasses identity, business, and sanctions checks. In 2022, SmartSearch conducted five million searches worldwide for over 52,000 users, helping the company grow its recurring revenues by 22% to £17.2m.
Guy Harrison, CEO of SmartSearch, said: “Adding TransUnion’s data to our armoury means we can further safeguard our clients against the financial and reputational consequences of money laundering and sanctions breaches – and we can also help them to drive efficiencies, save costs and transform their own customer journeys.”
TransUnion gathers hundreds of millions of data records each month to provide an actionable picture of each individual, allowing businesses and consumers to transact with confidence.
Adam Hancox, director of partnerships at TransUnion UK, added: “We’re excited to have partnered with SmartSearch to be able to assist their customers in making more accurate identity decisions, and to minimise fraud and money laundering risk.”
SmartSearch’s digital compliance solution helps regulated firms navigate the challenges posed by the imposition of thousands of new sanctions on Russia following its invasion of Ukraine.
The software identifies individuals on sanctions lists, as well as Politically Exposed Persons (PEPs), Special Interest Persons (SIPs), and Relatives & Close Associates (RCAs) in a matter of minutes.
It also enables firms to continually monitor new and existing clients, with daily monitoring capabilities if required.
