AML specialist SmartSearch opens first US office

Leading UK anti-money-laundering (AML) firm SmartSearch has opened its first office in the USA just two months after starting operations across the Atlantic.

Building on the success of the initial launch,SmartSearchhas confirmed it will have a presence on the ground in the western state of Utah. Recruitment is now underway for a team to support the office head Chad Rawlings, with group support from international strategy director Martin Turvey.

With financial institutions in the US just as vulnerable as the UK to the increased threat of fraud and financial crime due to the global Covid-19 pandemic, the expansion into North America could not come at a more important time.

SmartSearchhas developed a bespoke AML product for that market so US firms using their instant online system, have the same absolute confidence as those in the UK that their AML checks are comprehensive, up-to-date and fully compliant with relevant legislation at all times.

In addition,SmartSearchhas developed a fully integrated app to allow checks to be performed ‘on the go’. As the Covid-19 pandemic remains a significant factor in many US states, the app provides a real competitive advantage forSmartSearchcompared to manual document checks as they do not need to be handled.

John Dobson, CEO atSmartSearch, said: “We have seen a period of sustained growth since we establishedSmartSearchnine-years-ago. Our move into the US market comes at the right time for the business and is in line with our global ambitions.

“Having a presence on the ground in the rapidly growing ‘silicon slopes’ area of Utah, home to many well-known and growth technology companies, is really important to us. It gives us a base from which to take our products and services all over the country.

“We’re really pleased to have chosen Chad to head up the operations out there and we’re confident he will build a strong team of talented people around him, to growSmartSearchand build our profile in the US.

“SmartSearchhas built a reputation as being one of the UK’s leading RegTech firms through a combination of cutting-edge technology and friendly, efficient customer service, with a client retention rate of 98%. We want to bring those assets to bear in the US market, while continuing to deliver day-in, day-out for our UK clients.”

SmartSearch’s unique ‘one-stop’ Know Your Customer (KYC) and AML platform enables clients to perform full electronic ID verification and screening in just two seconds, and provides ongoing daily monitoring to alert users to any change in a client’s sanction or PEP status.

Simple to use and manage,SmartSearchenables firms to streamline and automate their customer onboarding process, leaving them free to run their businesses. The full suite of AML checks can be performed remotely, with no need for face-to-face contact or physical documents to be exchanged.

The platform has also recently incorporated biometric facial recognition for additional security, and there are well-advanced plans for further enhancements.