Adcock Financial Limited is a prestigious group of certified Financial Planners. As regulated by the Financial Conduct Authority (FCA), it is imperative for Adcock Financial to establish robust anti-money laundering protocols to safeguard against illicit financial activities.

The Brief

Adcock Financial Ltd was confronted with the challenge of time consuming manual tasks that had the potential to be automated. Their previous digital compliance solution lacked ongoing monitoring capabilities, making their anti-money laundering (AML) checks costly and inefficient. Each client had to be re-checked every year, this not only resulted in labour intensive tasks but also left room for potential human errors. Recognising the need for a more streamlined and efficient process, Adcock Financial Ltd embarked on a search for a new solution.

Their primary focus was on finding a system that offered ongoing monitoring facilities, allowing them to eliminate the 7-8 hours per week they spent on meeting AML obligations. They needed a solution that would not only automate the AML checks but also
provide real-time updates on any changes or suspicious activities.

After thorough research and evaluation, they discovered SmartSearch’s cutting-edge technology not only met their requirements but exceeded their expectations. The platform can automate their AML checks whilst offering continuous monitoring capabilities. Once a client is checked, the system automatically re-runs the necessary checks on an ongoing basis, eliminating the need for manual intervention.

The Solution

By leveraging the power of SmartSearch technology, Adcock Financial has revolutionised its internal processes and streamlined the onboarding process. With the ability to perform a UK Individual Check in under 2 seconds, Adcock Financial has not only saved valuable time but also transformed the way they operate.

Furthermore, the integration of the state-of-the-art TripleCheck solution has proved to be the most beneficial for Adcock Financial, utilising three highly sophisticated verification methods to ensure the utmost security for every client. Level one is the identification, verification and screening process; level 2 is Facial Recognition and level 3 is Digital Fraud Checks. While the technology behind TripleCheck is highly advanced, the interface and outcomes have been designed with user-friendliness in mind, meaning staff at any level can successfully perform a SmartSearch TripleCheck.

Adcock Financial also took advantage of the SmartDoc facility, our document verification solution which became a huge part of their internal processes. Utilising biometric verification and liveness detection techniques, Adcock Financial can provide a true picture of their customer, whilst negating the need for face-to-face communications. This has drastically reduced the manual workload for the team as they no longer need to verify physical documents manually.

The Results

• 50% reduction in time spent on AML processes
• Increased compliance oversight
• Improved internal processes

Adcock Financial has revolutionised their operations with the implementation of SmartSearch, producing impressive results. Gone are the days of scanning countless documents and cluttering their PCs with copies and folders. The company has now eliminated the need to re-check clients every year, a process that was not only time-consuming but also costly. Thanks to the monitoring capabilities of SmartSearch, once clients are checked, they are continuously monitored, ensuring Adcock Financials stays compliant with its anti-money laundering obligations.

As a result, the company has reduced the time spent on meeting these obligations by an astounding 50%. Adcock Financial is now able to allocate more time and resources towards growing their business and providing exceptional service to their clients.