The SmartSearch Index - Electronic Verification Uncovered II

Money laundering seeks to legitimise the proceeds of some of the world’s worst criminals – people traffickers, drug dealers, fraudsters and corrupt officials. Their victims are often the most vulnerable in society.

Electronic Verification Uncovered 2022 is the second whitepaper in a continuing campaign by SmartSearch, a leading UK provider of anti-money laundering (AML) software which is driving the digital compliance revolution.

The campaign argues that – as recommended in the 2020 Money Laundering and Terrorist Finance Act - regulated businesses should use electronic verification to reduce their risk of AML breaches and help to stem the flow of dirty money into the UK economy.

For the second consecutive year, SmartSearch surveyed decision-makers in 500 regulated UK businesses across the legal, property and banking and finance sectors on a range of AML compliance issues.

Their answers revealed continuing shortfalls in the way some regulated firms check on new and existing customers and continue to rely on easily forged, hard-copy documents rather than more effective digital checks.