Anti-money laundering software developer SmartSearch has released a new tool designed to combat dirty money being used to buy property.
The RegTech company claims organised crime gangs and fraudsters are behind $2trn in money laundering, which is largely enabled due to poor ID checks and document verification. In response to this, the company has released SmartDoc, which it claims is the most advanced document verification system in the market.
This solution leverages facial ID technology and expert analysis to match standards of identification verification as border security officials.
SmartSearch built the feature in conjunction with feedback from its clients.
By combining document authentication with biometric verification and liveness detection, SmartStream claims the new tool has an accurate picture of consumers and removes the need of face-to-face approval.
SmartSearch CEO John Dobson believes the solution will help companies within property, legal and financial services better prevent fraud and meet compliance globally.
Dobson added, “While we would always advise customers that electronic verification is the quickest and most reliable way to perform KYC and AML checks, a document checking solution is a key tool due to the vast increase in attempted fraud as a result of the global pandemic. “The lack of face-to-face interactions caused by lockdown opened a window for criminals to attempt to deceive, and despite restrictions being relaxed, this wave of fraud has not stopped.
“But businesses need to be aware that they are responsible for ensuring they comply with AML regulations and could face severe fines for allowing this activity to go on unchecked.”
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