SmartSearch to provide real-time global identity verification with International Individual Check solution

4th June 2024, Leeds, UK – SmartSearch, the UK’s leading provider of digital compliance and anti-money laundering (AML) solutions, today announces the launch of its International Individual Check solution. The innovative solution enables SmartSearch customers to perform identity verification checks for individuals residing internationally in more than 40 countries, using extensive data coverage from more than 200 global sources.

The International Individual Check solution will enable SmartSearch customers operating globally to better protect themselves from financial crime, such as fraud and money laundering, in a quick and timely manner

Securely verifying customer identities is critical for businesses across all regulated sectors to prevent fraudulent activity and ensure they remain compliant with regulatory mandates, including AML, KYC and KYB requirements. However, verifying the identity of individuals residing internationally is often perceived as higher risk. Limited access to local data makes it harder to accurately evaluate counterparty risk, validate that the individual is who they say they are and ensure that their identity is authentic in a quick and timely manner.

SmartSearch has partnered with the London Stock Exchange Group’s (LSEG) Risk Intelligence service to introduce the innovative International Individual Check solution. This enables SmartSearch’s digital compliance platform to cross-reference customer provided information on an individual’s identity (name, address, date of birth, national ID) against LSEG’s extensive, high-quality database comprising data from over 200 global sources. These sources include local and regional governments, credit agencies, telecom providers, and utility companies, ensuring unparalleled accuracy levels.

Fraser Mitchell, Technical Director of SmartSearch, said: “The process of verifying the identity of individuals who reside internationally has traditionally taken up a lot of time, money and resource. We’re proud to be making this process easier for our customers with the launch of SmartSearch’s International Individual Check solution. The combination of our market-leading digital compliance technology with LSEG Risk Intelligence’s extensive, high-quality local data will help give companies in regulated industries peace of mind that they are protected against fraud and money laundering, and will remain compliant with the ever-evolving regulatory landscape they face.”

The International Individual Check solution will also fully integrate with SmartSearch’s existing suite of award-winning digital compliance solutions, enabling customers to centralise their Anti-Money Laundering (AML), Know Your Customer (KYC) and Know Your Business (KYB) search and verification processes in one platform.

Customers can benefit further when combining the International Individual Check solution with other SmartSearch features, such as the SmartDoc service, and Document Storage solution. This combination provides customers with a comprehensive understanding of international customers, using additional document checks that integrate facial recognition technology, advanced authentication features and biometric verification. Documents can also then be stored using SmartSearch’s secure platform to streamline the document management process and uphold the highest level of security through customised roles and permissions. Using this comprehensive toolkit, customers in all regulated sectors can take a fully risk-based approach to maintaining a complete and compliant position, even against the backdrop of an ever-evolving regulatory landscape.

Since its inception in 2011, SmartSearch has grown rapidly from start-up to an international leader in AML & digital compliance. Its market-leading integrated platform combines individual and company due diligence solutions with world-class customer service, enabling the company to help more than 7,000 firms and 60,000 users identify their customers in as little as two seconds.

For more information on SmartSearch’s new International Individual solution, visit: https://www.smartsearch.com/solutions/international-individual-check