Smart Search is now a complete Anti-Money Laundering Search Platform
SmartSearch has been continuously improving range of searches and its levels of functionality. Business Tax Centre as an authorised partner of SmartSearch can offer you the complete suite on a non-contractual basis.
SmartSearch is the first platform of its type to enable you to research a business, verify the structure, identify the Beneficial Owners, Directors, Partners or Proprietors, and perform an AML check on the appropriate individual’s details, all in one place, producing the all-important AML certificate. This has now been extended to include international individuals as well as international businesses.
New changes launched includes option to verify international individuals, SmartSearch Lite, agreement types on all UK primary Data on Individual UK results and the option to turn off on-going monitoring on a client by client basis.
Verification of International Individuals
Under the Money Laundering Regulations firms are required to verify customers and beneficial owners, this is especially difficult when they are resident overseas. For a simpler solution all you will need is a high resolution image of the Individual’s identity document and SmartSearch will be able to validate it to a level 3 Immigration Standard. This is the level of immigration officers manning UK entry points. The documents could be passport, ID cards, driving license or others accepted as ID in the country of issue.
For More Information on International Verification Checks
FOCUS ON: SANCTIONS, PEP, SIP & RCA SCREENING
The penalty for dealing with any person or business named on a Sanctions List is either a fine or imprisonment for the person responsible for company’s compliance – normally the Money Laundering Reporting Officer (MLRO). There is also a requirement to conduct Enhanced Due Diligence (EDD), on any Politically Exposed Persons (PEPs) that you might be transacting with. SamrtSearch as standard, using the Dow Jones watch Lists checks all searches, both businesses and individuals against official Sanctions and PEP listings. the new verification of international individual searches also are checked against the world wide Dow Jones Watch Lists.
For More Information on Sanctions and EDD
Individual Identity Verification reports
Electronic verification with the SmartSearch is very effective as a main system of anti-money laundering identity verification procedures or as a supplement to your existing methods for those awkward cases that from time to time arise, allowing you to commence work with only the minimum amount of fuss in a cost effective manner. The reports now include a breakdown of the primary sources from the Experian share data, such as bank accounts, loans, electoral role and adverse data such as CCJ’s.
Do you have a remote office? or people who need to get identification information to the MLRO? SmartSearch Lite allows sub users to complete the input fields and informs the designated person that the search is pending, the user then retrieves the automatically populated search and then verifies the client in the normal way.
For More Information on Customer Verification
Larger user? Why not pre pay for a bundle of 50 individual customer verification reports for just £4.00 plus VAT each.
Should you require further assistance please do not hesitate to contact a BTC Corporate and Compliance adviser.