Industry Leading anti-money laundering specialist SmartSearch has launched a whitepaper analysing due diligence undertaken by regulated businesses when on-boarding clients.

The report, based upon a survey of 500 regulated firms* in the UK, reveals that companies are witnessing increased fraudulent activity, yet many are still using outdated procedures to confirm client identities. Key findings include:

• Almost half (48%) of regulated firms in the UK reported seeing a rise in financial crime attempts in the past 12 months.

• A third (34%) of regulated businesses use manual checks when onboarding new customers.

• 28% of regulated businesses claimed that using hard copy documents was a more reliable method for establishing ID.

• A quarter (23%) of regulated firms claimed they were ‘highly confident’ they could spot a fake document.

• A third (30%) of regulated businesses stated that it takes them up to a week to process hard copy documents.

As RegTech experts, the infographic (left) displays how firms across property, legal, accounting, banking and financial services have still not made the switch to a digital platform despite the risk of breaching Financial Conduct Authority regulations by using manual methods of verification.

To see the full analysis and results, complete the form above and download your free whitepaper today.

The whitepaper is part of SmartSearch's Electronic Verification Uncovered campaign, which aims to raise awareness of the dangers of relying on old-fashioned methods of identity verification for regulated businesses.

When switching to SmartSearch's electronic verification you can confidently provide individual, UK and International KYC checks in a matter of seconds, with guaranteed AML compliance and peace of mind for you and your regulated business.

Additionally, SmartSearch can provide UK and International business (KYB) reports in over 200 countries in less than three minutes.

With 48% of regulated firms in the UK reporting seeing a rise in financial crime attempts in the past 12 months, now has never been a better time to switch to electronic verification

To speak to one of our AML experts today contact us on 0113 537 4042 or at info@smartsearch.com