Smartsearch launches document verification system to fight money laundering


Britain’s leading anti-money laundering specialist SmartSearch has launched a new weapon in the ongoing fight against cleaning up the world’s dirty money through activities such as buying money. a property.

Organized crime gangs and fraudsters are now believed to be responsible for up to $ 2 trillion a year in money laundering, which is made possible due to a lack of basic identity checks and document verification , according to SmartSearch.

In response, multiple award-winning RegTech 100 has now launched SmartDoc, the most advanced document verification system on the market, using a combination of cutting-edge facial ID technology and expert level of analysis at the lowest level. same level as border security guards.

John Dobson, CEO of SmartSearch, said SmartDoc would not only help companies in the real estate, legal and financial services industries prevent fraud, but also help them stay in compliance with global regulations, which would result in heavy fines and even prosecution for violations.

He said, “We have built a reputation over the past decade for our industry leading digital verification solution, which is by far the most efficient way to perform anti-money laundering (AML) checks. and Know Your Customer (KYC).

“But we launched SmartDoc to work alongside that as another weapon in the arsenal for companies who feel the need to perform document verification as part of their customer due diligence.

“The new SmartDoc solution integrates facial recognition to identify forged identity documents that include photographs, such as passports, driver’s licenses, work permits, among others.

“SmartDoc will ensure that regulated businesses can securely authenticate customer identities, preventing fraud and allowing them to stay in compliance with AML legislation.

“While we always inform our customers that electronic verification is the fastest and most reliable way to perform KYC and AML checks, a document verification solution is a key tool due to the surge in attempts to fraud following the global pandemic.

“The lack of face-to-face interactions caused by the lockdown has opened a window for criminals to try to deceive, and despite the easing of restrictions, this wave of fraud has not stopped.

“But companies should be aware that they are responsible for ensuring that they comply with AML regulations and could face hefty fines for allowing this business to continue unchecked.”

The new functionality was developed in part in response to feedback from SmartSearch customers, and by combining state-of-the-art document authentication technology with the latest biometric verification and vividness detection techniques, SmartDoc provides an accurate picture of the customer, which eliminates the need for -interaction with the face.

Not only does the technology confirm that a document is genuine and unaltered, it also belongs to the person presenting it, providing an additional layer of security for identity checks.

It then provides a pass-fail result and also filters the client against Politically Exposed Persons (PEP) and Sanction Lists.

The SmartDoc service combines machine learning interrogation and optical character recognition algorithmic checking on the machine-readable area of ​​the identification document, verifying whether the document is genuine and unaltered, with full data integration to identify the falsification of the document.

If necessary, it also uses a visual examination by an ID document expert trained in border security, who will examine every aspect to verify the security features found in genuine documents, as well as key indicators of potential tampering.

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